It is no longer news that the central Bank of Nigeria (CBN) has revoked the operational licence of Heritage bank early this month.

Sequel to this action of the CBN coupled with the appointment of NDIC as the banks liquidator, many Customers of the bank have become worried as to how to recover their deposits trapped in the bank. If you are one of these depositors then this article is for you.



Heritage Bank Depositors Who Have Other Bank Accounts

No need to worry as NDIC will transfer your deposit to your other bank account linked to your heritage bank account via your BVN


Heritage Bank Depositors who Do Not have Other Bank Accounts

Simply walk into any branch of Heritage bank and fill out the relevant documents for the payment.


Heritage Bank Depositors whose Deposits Are More Than NGN5million

Captured by cable news, the Managing director of NDIC

Speaking at the briefing, Hassan said payment to the insured depositors is expected to be done by the corporation within 30 days of being appointed liquidator, according to Section 28 of the NDIC Act.


He also promised to settle insured customers within one week, adding that the total bank deposits at Heritage Bank stand at N650 billion while its loan portfolio is above N700 billion.


Hassan said the bank’s total depositors are 2.3 million, with 99 percent of them having total balances of less than N5 million.

They will get all their money back. Only about 4,000 people had more than N5 million in their accounts,” he said.


“They will get N5 million now and more later when the NDIC gets more money from the bank’s assets and loans.


“We need to move as quickly as possible and we are doing that. I can assure you that all the payments will commence this week for the insured deposits.


“We will leverage the bank verification number (BVN) to identify alternate bank accounts of the depositors to pay the maximum amounts of N5 million. While customers without alternate accounts should visit branches of the bank.”

The MD said all depositors are currently being verified for onward payment of insured benefit of N5 million while depositors with insured deposits above N5 million will be paid upon the sale of Heritage Bank’s assets.


Speaking on possible cases of litigation that may arise, the NDIC boss expressed readiness, adding that the judiciary has been asked to expedite cases concerning the liquidation of Heritage Bank.

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