The Nigeria Deposit Insurance Corporation (NDIC) has revealed that it has conducted a nationwide asset valuation of the defunct Heritage Bank as part of ongoing efforts to repay depositors for the bank’s liquidation.
Bello Hassan, NDIC’s managing director and CEO, announced this during the company’s special day at the Lagos International Trade Fair, where he was represented by Nuhu Bashir Alhassan, director of communication and public relations.
Bello Hassan emphasized the NDIC’s commitment to ensuring the stability of the banking industry, particularly when a bank fails.
“Over the years, the NDIC has been instrumental in promoting stability by ensuring that when a bank fails, depositors are promptly compensated,” he said.
The recent revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN) on June 3, 2024, emphasized the NDIC’s crucial role. Hassan noted that 86 percent of the bank’s depositors had already received payouts.
To accelerate these payouts, the NDIC employed the Bank Verification Number (BVN) as a unique identification, allowing insured amounts to be credited directly to depositors’ alternative bank accounts within four days of the closure.
“This approach facilitated the swift disbursement of insured guaranteed sums to depositors,” Hassan noted.
