NewStats: 3,260,820 , 8,172,705 topics. Date: Tuesday, 27 May 2025 at 06:42 PM 2i1d

The Nigeria Deposit Insurance Corporation says it has disbursed the insured deposits of N5 million each to 82.36 per cent of the total customers of the defunct Heritage Bank.

It also noted that 17.64 per cent of the insured deposits still pending payment mainly belong to depositors with s that have Post-No Debits instructions or lack a Bank Verification Number.

This was disclosed in a statement signed by the Director, Communication and Public Affairs, Bashir Nuhu, on Sunday in Abuja.

On June 3, 2024, the Central Bank of Nigeria revoked the banking license of Heritage Bank Plc due to persistent financial instability and regulatory breaches.

The decision, according to the apex bank, is in line with the CBN’s mandate under Section 12 of the Banks and Other Financial Institutions Act 2020, which aims to maintain a stable financial system in Nigeria.

Following the withdrawal of Heritage Bank’s licence, the NDIC stated that it would begin payment of the 2.3 million depositors of the bank.

Giving an update in the statement issued on Sunday, the director disclosed that disbursement to affected customers started four days after the liquidation.

He added that this feat was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate s in other banks.

The statement read in part, “In the discharge of its deposit guarantee mandate, the Corporation began the payment of the insured deposits of N5m maximum per depositor within a record time of four days of the bank closure.

“This was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate s in other banks.

“This unprecedented achievement of direct payment through BVN-linked alternate s without the need for depositors to visit NDIC offices or fill out forms marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 per cent of the total insured deposit to date.”

For depositors with more than N5m, the director explained that the remaining balances (classified as uninsured deposits) would be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.

“It is instructive to state that, the remaining 17.64 per cent of the insured deposits yet to be paid were largely depositors whose s have post no debits instructions or have no BVN. Others are those with no alternative s in other banks or s with a KYC limit on the maximum lodgment per day and are yet to come forward for verification.

“However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank,” the statement added.

https://punchng.com/just-in-ndic-gives-n5m-each-to-defunct-heritage-bank-customers/

CEOs and executives of failed banks no longer go to jail like we saw during Sanusi era??

Heritage Bank was a planned fraud right from inception.

So what of the other monies?

So what the ndic is saying here is that only #5m of customers money in nigerian banks is actually insured with the cbn anything above #5m might enter voice mail if ur bank is liquidated? This policy won't encourage nigerians to leave huge amounts in their local bank s.

Mrexcell:
So what the ndic is saying here is that only #5m of customers money in nigerian banks is actually insured with the cbn anything above #5m might enter voice mail if ur bank is liquidated? This policy won't encourage nigerians to leave huge amounts in their local bank s.

It is the law, it was even just reviewed, talk to your lawmakers if you want it to go higher.
Btw, irrespective of what the law says, no deposit insurance agency of any country will insure all deposits irrespective of amount, there is always a limit to insured funds

RenaissanceGuy:
CEOs and executives of failed banks no longer go to jail like we saw during Sanusi era??

This is why it is never advisable to buy shares in any Bank unless you’re buying the majority stake like Femi Otedola did with First Bank.

If the Bank liquidates, Na the Toro-Kobo customers go use their head carry skibo.

Between last week and tonight, GTBANK sent me more than 20 emails asking me to buy shares. I just dey delete the useless messages.

Make I buy shares with my money make Oloriburuku Segun Agbaje buy Latest Benz GLS and stamp customized License Plate 007 on it like he does with all his vehicles?

Imagine selling shares for N44.50? Even Zenith Bank is selling their useless shares for N36.50 ; whereas Femi Otedola bought his own shares at N21.

No be me tell them to mismanage their assets & liquidity. E no go better for all of them.

Access Bank own Na him still dey vex me . They sent money into my Access Bank and the fraudulent Bank debited me for “Electronic Transfer Levy”. I no fit talk.

Sanusi Lamido Sanusi remains the best CBN Governor Nigeria ever produced.

so if you have above 5m the money don disappear be that. Then what is the essence of the bank?

Na wa, na so person sweat go just enter voicemail

What about customers from Savannah Bank?

Mrexcell:
So what the ndic is saying here is that only #5m of customers money in nigerian banks is actually insured with the cbn anything above #5m might enter voice mail if ur bank is liquidated? This policy won't encourage nigerians to leave huge amounts in their local bank s.

It's the law which is why it's good not to have all your funds in one bank. Spread your risks.

Also, it's safer to bank with the big banks. Go through their quarterly financials and follow their news bumper to bumper incase you need to move you money ASAP . No bank is too big to fail anymore.

The unsecured deposits can still be paid much later if AMCON is able to recover the debts owed to the institution but you can't bank on this at all.

₦5 Million across board or what?

Hummmm

have no Idea, sitting here to learn

That is impressive. Means they trapped the savings before it grew legs.

Just imagine!

Heritage bank failure is political just like Oceanic bank and others.

Unity Bank and Providus Bank (both Northern banks) were given soft landing to merge.

Why didn't they give Heritage bank (Southern bank) the same soft landing?

What is good for Musa is also good for Ibinabo.

OlujobaSamuel:

It is the law, it was even just reviewed, talk to your lawmakers if you want it to go higher.
Btw, irrespective of what the law says, no deposit insurance agency of any country will insure all deposits irrespective of amount, there is always a limit to insured funds

this will make it very easy for govt to run a scam on its citizens. especially my naja govt

Ah! 5, 5 million!

SpaceX:
so if you have above 5m the money don disappear be that. Then what is the essence of the bank?

what of those with below N5m?

Ok

This is why opening a foreign is a great necessity, even if its trust wallet. It's safer and secure than Nigerian banks

DeltaBachelor:
Cool....This is good, although it is a case of equality and not equity because I sure say some customers nor get reach 20,000 for their before , while some get over 50 million. Anyways, what do I know ?

exactly, i see this as a new method for the govt or very rish individuals to scam nigerians. all they need is to start up a bank with juicy offers then run lol

MISINFORMATION!!!


Heritage gives the customers who have 5million or less in their s

Mrexcell:
So what the ndic is saying here is that only #5m of customers money in nigerian banks is actually insured with the cbn anything above #5m might enter voice mail if ur bank is liquidated? This policy won't encourage nigerians to leave huge amounts in their local bank s.

The only way I will leave money in a bank is to own the bank

yad2eidi:
this will make it very easy for govt to run a scam on its citizens. especially my naja govt

What do you mean by scam the citizens
The money was recently reviewed from 500k to 5m, I think around April/May.
Insurance coverage will only try to cover most deposits, it can't cover all deposits, this no be issue wey we supposed drag govt or any bank for.

RepoMan007:
what of those with below N5m?

If you have less than 5m, you get you full fund, if you have more than, you get 5m, then when the company assets is liquidated, they place your remaining balance on shares and convert the proceeds to dividend, so you get your balance in form of dividends just the way they settled others (bank owners) as you will be classified as owners by then and not just depositors

ecolime:

It's the law which is why it's good not to have all your funds in one bank. Spread your risks.

Also, it's safer to bank with the big banks. Go through the quarterly financials and follow their news bumper to bumper incase you need to move you money ASAP

The unsecured deposits can still be paid much later if NDIC is able to recover the debts owed to the institution but you can't bank on this at all.

Lol, that is not the case sir. It will be sold to AMCON at a discounted price. AMCON will do the recovery.

So even if I don't have up to 5m in my , I will still be a beneficiary?