Nigerian Deposit Insurance Corporation, on Wednesday, assured depositors of Heritage Bank that they’ll be refunded their money with the liquidated Heritage Bank.
To this end, NDIC said it has commenced the process of payment to all depositors of the bank.
NDIC Managing Director, Bello Hassan, gave this assurance at a press briefing in Abuja.
Hassan, who outlined the processes of repayment, insisted that NDIC would not wait till 30 days as stipulated by law, but would settle customers within one week.
The NDIC boss said, “Preliminary findings show that depositors fund was about N650 billion while the Bank loans was around N700 billion.”
On Monday, CBN 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 apex bank had said.
NDIC boss, however, 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.”
