![](https://www.tv360nigeria.com/wp-content/uploads/ndic.jpg)
The Central Bank of Nigeria (CBN) has revoked the banking license of Heritage Bank Plc, prompting the Nigeria Deposit Insurance Corporation (NDIC) to initiate the liquidation process for the bank.
This action is in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA), 2020, and Section 55 subsections 1 & 2 of the NDIC Act, 2023.
In a statement signed by the Director of Communication & Public Affairs, Bashir A. Nuhu, the NDIC announced that it has begun immediate verification and payment of insured deposits to the depositors of the defunct bank.
The NDIC clarified that depositors with alternate accounts within the banking industry will receive up to the insured amount of N5 million per depositor, using their Bank Verification Number (BVN) to locate their alternate account.
For depositors with funds exceeding N5 million, a liquidation dividend will be paid following the realization of the bank’s assets and the recovery of debts owed to the bank.
“All depositors of the defunct bank without an alternate bank account in the industry are advised to visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as a driver’s license, permanent voter’s card, National Identity Card, along with their alternate account details and BVN for verification and subsequent payment of insured sums,” the statement read.
Creditors are also instructed to visit the nearest branch of the bank to file their claims, either in person or via the online platform. The NDIC noted that the process of paying creditors will begin immediately after all depositors have been compensated.
Furthermore, the NDIC advised debtors who have yet to complete loan repayments to contact the Corporation’s Asset Management Department (AMD) to settle their obligations.
The NDIC reassured the public of its dedication to ensuring the safety of depositors’ funds in all licensed banks. “Depositors are urged to continue their banking activities without fear, as banks with valid licenses remain safe and sound,” the statement concluded.
For more information and updates, depositors and creditors can visit the NDIC’s official website or contact their nearest bank branch.