The Nigeria Deposit Insurance Corporation has assured depositors of the defunct Heritage Bank that challenges delaying access to guaranteed sums above N5 million are being resolved.


NDIC managing director Bello Hassan gave the reassurance on Saturday during the 2024 edition of the NDIC Editors Forum in Lagos.

Mr Hassan said the corporation was working diligently to facilitate payments.

Mr Hassan explained that depositors above the maximum insured limit of N5 million were reimbursed through liquidation dividends derived from asset recovery and debt realisation efforts.

“The corporation has initiated the process of debt recovery and realisation of investments as well as physical assets of the defunct bank to ensure timely payment of uninsured deposits,” he said.

He added that NDIC’s responsibilities also extend to creditors of the defunct bank, who would receive payments after all depositors had been fully reimbursed.

“This orderly process, based on asset realisation and prioritisation of claims, is essential for maintaining public trust in the banking system and promoting financial stability,” Mr Hassan noted.

He emphasised NDIC’s mandate to protect depositors, especially the uninformed, and its commitment to financial system stability.

Mr Hassan provided updates on Fortune Bank, which was liquidated over a decade ago.

He said NDIC faced challenges collating depositors’ data due to the absence of Bank Verification Numbers at the time of the bank’s operation. However, he assured depositors of the defunct Fortune Bank Plc.

He stated that litigation also delayed NDIC’s intervention but added that payments had started for insured deposits, with efforts underway to pay the uninsured portion and other claimants.

“We’ve already paid the insured portion and are now paying the uninsured portion and other claimants,” Mr Hassan said.


(NAN)