Following the recent withdrawal of Heritage Bank’s operating license,
The Nigeria Deposit Insurance Corporation (NDIC), says it will begin payment of an insured sum to 2.3 million depositors of Heritage Bank in-liquidation this week.

Managing Director of the corporation, Bello Hassan, made the disclosure while briefing journalists in Abuja, Wednesday.

Hassan said that, the bank had preliminary deposits of ₦650 billion and loans worth ₦700 billion.

According to him, 99.9% of depositors of the defunct bank have a deposit balance of less than five million naira, while only 4,000 of the depositors have more than five million naira deposits.

He stated that, those who have balances of N5 million or less, would receive their full insured deposits promptly.

He said the move was to retain the confidence of the customers in the financial sector.


Hassan further clarified that the depositors would receive further payments as the NDIC progresses with recovering of the bank’s assets and outstanding loans.

He added that, to manage the payment process, NDIC has deployed 400 staff members across the bank’s 116 branches and regional offices.



NDIC boss however advised the depositors with alternate bank accounts not to visit a bank branch adding that
NDIC will use their Bank Verification Number (BVN) to credit their accounts directly.