The Nigeria Deposit Insurance Corporation (NDIC) says it has started the liquidation process of Heritage Bank with immediate verification and payment of insured deposits to bank depositors.

The CBN revoked Heritage Bank’s license on Monday.

Mr Bashir Nuhu, Director of Communications and Public Affairs, NDIC, in a statement, said that relevant laws necessitated immediate actions to safeguard depositors’ funds.

“Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) today, June 3, 2024, and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator, under Section 12(2) of BOFIA, 2020,

“The corporation wishes to announce to depositors of the bank in particular and the banking public in general, as follows:

“The NDIC has commenced the Liquidation of Heritage Bank Plc under Section 55 sub-section 1 & 2 of the NDIC Act 2023

“The corporation has also commenced the liquidation process of the failed bank with immediate verification and payment of insured deposits to the bank depositors.”

He explained the payment options to various categories of the bank’s depositors.

“Depositors of the bank that have alternate accounts 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 over N5 million will be paid liquidation dividend upon realisation of the bank’s assets and recovery of debts owed to the bank,” he said.

Nuhu advised all depositors of the defunct bank without alternate bank accounts in the industry to visit the nearest branch of the bank with proof of account ownership, and verifiable means of identification.

He listed the required documents to include a driver’s license, permanent voter’s card, and National Identity Card, together with an alternate account and BVN for the verification of deposits and subsequent payment of insured sums.

He added that depositors could also file online claims by visiting the NDIC website claims page at www.ndic.gov.ng/claims/claims, download and fill the claims forms and upload the required documentation.

He advised creditors to visit the nearest branch of the bank to file their claims or via the online platform.

“Please note that the process of payment of creditors will commence immediately after all depositors have been paid,” Nuhu said.

He advised debtors who had not completed repayment of loans to contact the Corporation’s Asset Management Department (AMD).

“Visit the NDIC website for more details. The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks.

“As such, depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound,” he said.