The Nigeria Deposit Insurance Corporation (NDIC) has announced the completion of a nationwide asset valuation for the defunct Heritage Bank, a significant step toward full compensation of the bank’s depositors.
Speaking at the Lagos International Trade Fair, NDIC Managing Director Bello Hassan, represented by Director of Communication Nuhu Bashir Alhassan, reiterated the corporation’s dedication to protecting Nigeria’s financial stability. Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s license on June 3, 2024, the NDIC has already disbursed payments to 86% of insured depositors, ensuring swift relief amid the bank’s collapse.
Hassan highlighted NDIC’s strategy for expediting payouts by leveraging the Bank Verification Number (BVN) system, which enabled direct transfer of funds within days of Heritage Bank’s closure. This swift response exemplifies NDIC’s commitment to reducing financial disruption for depositors by offering a seamless compensation process.
In a significant policy shift, NDIC has raised the deposit insurance coverage from N500,000 to N5 million, a change aimed at providing greater security for bank customers in the event of institutional failure. This new limit has enabled a higher payout threshold for insured deposits, a measure that Hassan says has “greatly mitigated the impact on depositors.”
Additionally, NDIC has started efforts to compensate those whose balances exceed N5 million through a liquidation dividend process. Hassan noted that assets from Heritage Bank are being liquidated, and debts are being recovered to ensure uninsured depositors receive fair compensation.
The corporation has also outlined an orderly process for creditors to claim payments, set to occur after all depositors are compensated—a structure Hassan said is vital to preserving public confidence in the banking system.
For depositors yet to claim their funds, Hassan encouraged them to present their BVN and account verification details at NDIC outlets or through its digital platforms. The NDIC’s ongoing presence at the trade fair underscores its proactive engagement with the public to ensure all stakeholders are informed and reassured of the corporation’s dedication to financial stability.
In a closing remarks, Hassan expressed appreciation for the support of the Lagos Chamber of Commerce and urged the public to explore the NDIC pavilion at the fair for more information. This event marks NDIC’s ongoing commitment to depositor security and reinforces its critical role within Nigeria’s financial landscape.
 has announced the completion of a nationwide asset valuation for the defunct Heritage Bank, a significant step toward full compensation of the bank’s depositors.){kind=link}