The Nigeria Deposit Insurance Corporation (NDIC) has announced that it will commence payment to depositors of Heritage Bank, which is currently in liquidation, starting this week.
During a press conference in Abuja, NDIC Managing Director Bello Hassan revealed that over 99 percent of the 2.3 million depositors, who have N5 million or less in their accounts, will receive their insured deposits in full.
“For depositors with accounts above N5 million, an initial payment of N5 million will be made, with additional payments to follow as the NDIC recovers the bank’s assets and outstanding loans from debtors,” Hassan explained.
Further details will be provided as the process unfolds.
