Connect with us

Hi, what are you looking for?

E-Financial

NDIC Begins Payment of N46Bn to Heritage Bank Depositors

Nigeria Deposit Insurance Corporation (NDIC) has said that it has commenced the payment of N46.6 billion from liquidation dividends to depositors of the defunct Heritage Bank.

Hawwau Gambo, acting head of communication and public affairs at the corporation, announced in a statement on Sunday.

Gambo said the funds were realised from the sale of Heritage Bank’s assets and the recovery of debts owed to the institution.

She explained that a liquidation dividend is paid to depositors of a closed bank, beyond the maximum insured limit, using proceeds from asset sales and debt recoveries.

The spokesperson added that after all depositors have been fully reimbursed, creditors and shareholders may also benefit from the liquidation proceeds.

Gambo said it began payment of the first tranche of liquidation dividends on April 25, at a rate of 9.2 kobo per naira on a pro-rata basis to depositors with balances exceeding N5 million.

“Depositors with balances exceeding N5 million who did not receive their liquidation dividends should visit the nearest NDIC office,” the spokesperson said.

She also encouraged depositors without alternative bank accounts — who were not paid their insured amount — to visit NDIC offices or download the necessary forms from the agency’s website.

“Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends,” Gambo added.

Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC said it immediately reimbursed insured deposits of up to N5 million.

To ease the process, the agency used bank verification numbers (BVN) to locate alternate accounts and credit depositors automatically.

Gambo said further payments would be made as more assets of the defunct bank are recovered and realised.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

News

With progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, the Shared Agent Network Expansion Facilities Limited (SANEF) has posited...

Tech

Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are...

News

Nigerians have lost N4.8 trillion ($2.99 billion) to various scams since 2016, according to findings by Paul Alaje, a prominent Nigerian economist and chief...

Tech

MTN Nigeria has announced the rescheduling of the MTN Champs Grand Finale to honour the legacy of its founding Chairman, Mr. Pascal Gabriel Dozie,...