The Nigeria Deposit Insurance Corporation (NDIC) has reassured depositors of the defunct Heritage Bank that issues delaying access to guaranteed sums above ₦5 million are being resolved. Speaking at the 2024 NDIC Editors Forum in Lagos, themed “Strengthening Nigeria’s Financial Safety-Net: The Role of Deposit Insurance”, Managing Director Alhaji Bello Hassan, represented by Executive Director Mr. Mustapha Ibrahim, emphasized the corporation's commitment to expediting payments.
Hassan explained that depositors with amounts above the maximum insured limit of N5 million were being reimbursed through liquidation dividends derived from asset recovery and debt realization efforts.
“The corporation has initiated the process of debt recovery and realization of investments as well as physical assets of the defunct bank to ensure timely payment of uninsured deposits,” he said.
He added that NDIC’s responsibilities also extend to creditors of the defunct bank, who would receive payments after all depositors had been fully reimbursed.
“This orderly process, based on asset realization and prioritization of claims, is essential for maintaining public trust in the banking system and promoting financial stability,” Hassan noted.
According to him, the theme of the conference is in line with the corporation’s recent engagement with business editors and finance journalists.
He emphasized NDIC’s mandate to protect depositors, especially the uninformed, and its commitment to financial system stability.