NDIC Reveals Status Of Other Banks In Nigeria After CBN Revoked License Of Heritage Bank

The Nigeria Deposit Insurance Corporation (NDIC), has assured customers of banks in the country of the safety of their deposits and investments.

The NDIC assured the banking public that banks whose licenses have not been revoked remain safe and sound. It also urged depositors and other stakeholders to continue their banking businesses without fear.

The NDIC Director of Communication and Public Affairs, Bashir Nuhu, gave the assurance in a statement on Monday.

He said: “The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks. As such, depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound.”

The assurance was given in the wake of the decision of the Central Bank of Nigeria (CBN) to revoke the operating license of Heritage Bank.

The apex bank, in a statement released on Monday, June 3, by its Ag. Director, Corporate Communications, Hakama Sidi Ali, said the decision to revoke the license of Heritage Bank is in line with its responsibility to uphold a stable financial system in Nigeria and utilise its authority under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.

This action, she noted was deemed necessary due to the bank’s violation of Section 12 (1) of BOFIA, 2020.

Ali noted that the bank’s Board and Management’s inability to enhance its financial performance has posed a threat to financial stability.