NDIC pays Heritage Bank depositors with balances exceeding N5m

The Nigeria Deposit Insurance Corporation (NDIC) has said it has reimbursed 82.36 per cent of the customers of the defunct Heritage Bank with deposits below the N5 million maximum insured deposit.
Disclosing this in a statement, Director of Communications and Public Affairs, NDIC, Bashir Nuhu, said that this was achieved through the use of BVN-linked alternate accounts of the customers of the defunct bank.
He stated that the Corporation began the payment of the insured deposits of Five Million Naira (N5,000,000) maximum per depositor within a record time of four (4) days of the bank closure.
However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.