The Nigeria Deposit Insurance Corporation (NDIC) has successfully conducted a transparent auction of the assets of the defunct Heritage Bank, including landed properties and chattels.
NDIC Managing Director, Bello Hassan, disclosed this during the corporation’s special day at the ongoing 46th Kaduna International Trade Fair. He stated that the auction was conducted under Section 62 (1)(d) of the NDIC Act, 2023, as part of the corporation’s statutory mandate.
According to Hassan, the proceeds from the asset sales will be used to settle depositors with balances exceeding the insured limit of ₦5 million, with additional payments to follow as further recoveries are made.
Represented by the Kano Zonal Office Comptroller, Ahmad Umar, Hassan reiterated the NDIC’s commitment to maintaining a stable financial system, ensuring depositor protection, and fostering public confidence in the banking sector.
He highlighted the corporation’s role in promoting financial inclusion and stability through its mandate of safeguarding bank deposits. Citing the recent revocation of Heritage Bank’s operating licence on June 3, 2024, Hassan noted that the NDIC had reimbursed depositors within four days using their Bank Verification Numbers (BVN).
He further explained that insured payments were made promptly, except for depositors with no alternate accounts, those whose accounts were placed on “Post No Debit” (PND) status, or those without BVNs. The corporation, he added, is actively reaching out to affected depositors via telephone and text messages to facilitate verification and reimbursement.
Hassan assured that creditors of the defunct bank would receive payments once all depositors have been fully reimbursed. He urged depositors who are yet to claim their funds to come forward with the necessary documentation to facilitate their payment.
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