Mohammed Shosanya
The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank that they will be paid up to N5 million using their Bank Verification Number (BVN) to identify their alternate accounts within the banking industry.
The agency said its action follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN)
Bashir Nuhu,NDIC’s spokesperson,who conveyed this in a statement, explained that depositors with alternate bank accounts will receive payments up to the insured amount of N5 million.
The BVN system will be used to locate these alternate accounts, ensuring a smooth and efficient transfer of funds in order to protect depositors and maintain confidence in the banking system,the statement said.
“We are fully prepared to step in and ensure that depositors are protected. Our immediate priority is to guarantee that depositors have access to their insured funds with minimal disruption,” it said.
It added:”Depositors of the bank that have alternate within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account. While depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the bank’s assets and recovery of debts owed to the bank.”
The NDIC also assured depositors that their funds are secure and that the corporation has robust mechanisms in place to manage the transition.
“We will be taking over the affairs of Heritage Bank to facilitate an orderly resolution. This includes the verification and payment of insured deposits, as well as the management of the bank’s assets and liabilities to maximise recovery and minimize loss to the financial system,” it said.
The NDIC said anyone with no account at another bank will need to visit the nearest branch of Heritage Bank with proof of account ownership.
It said,such persons would have to present a verifiable identity card like a driver’s licence, permanent voter’s card, or National Identity Card, along with alternate account details and BVN. This will be used to verify deposit and pay the insured sum, it said.
The NDIC advised affected customers to file a claim online by visiting the NDIC website via, download and fill out the claims form, and upload the required documents.
