NDIC Gives Fresh Update On Heritage Bank, Discloses Amount Owed To Depositors

The Nigerian Deposit Insurance Corporation (NDIC) has revealed that depositors fund in the now-liquidated Heritage Bank is ₦650 billion.

The corporation also stated that the bank has a loan of ₦700 billion.

The Managing Director of NDIC, Bello Hassan, stated this on Wednesday in Abuja at a press briefing where he outlined the processes of repayment.

He assured depositors of the Bank that it has began process of payment to all depositors of the now-liquidated bank.

Hassan revealed that the corporation would not take 30 days as stipulated by law but would pay customers within 7 days.

He said, “Preliminary findings show that depositors fund was about N650 billion while the Bank loans was around N700 billion.”

The NDIC boss further disclosed that “Among the 2.3 million depositors of the Bank, 99 per cent have deposits below N5million which is within the threshold which the NDIC insures for bank depositors.”

Naija News reports that the CBN had on Monday revoked the operational licence of Heritage Bank due to the bank’s inability to improve its financial performance.

“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” the CBN said.