NDIC Begins Liquidation Of Heritage Bank

By Sunday Etuka, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) has begun the liquidation of Heritage Bank, following the earlier revocation of the bank’s license by the Central Bank of Nigeria (CBN).

NDIC’s Director of Communication and Public Affairs, Bashir Nuhu disclosed this in a statement on Monday.

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The Corporation is carrying out this function as the Liquidator, pursuant to Section 12(2) of the Banking and Other Financial Institutions Act (BOFIA), 2020.

It said, it has commenced liquidation process of the failed bank with immediate verification and payment of insured deposits to the bank depositors in accordance with Section 55 sub-section 1 & 2 of the NDIC Act 2023.

It informed that depositors of the bank that have alternate account within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account, while depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the bank’s assets and recovery of debts owed to the bank.

NDIC said, all depositors of the defunct bank without alternate bank account in the industry should visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as driver’s license, permanent voter’s card, National Identity Card, together with their alternate account and Bank Verification Number (BVN) for the verification of their deposits and subsequent payment of insured sums.

Or file online claim by visiting the NDIC website claims page on, download and fill the claims forms and upload the required documentation.

The Corporation also urged creditors to visit the nearest branch of the bank to file their claims or via the online platform, noting that the process of payment of creditors would commence immediately after all depositors have been paid.

It also urged debtors that are yet to complete the repayment of loans to contact the Corporation’s Asset Management Department (AMD), or visit the NDIC website for more details.

NDIC assured the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks.

As such, it advised depositors to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound.

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