The Nigerian Deposit Insurance Corporation (NDIC) says it is already in the process of paying depositors of Heritage Bank.
Bello Hassan, managing director of NDIC, gave the assurance during a press briefing in Abuja on Wednesday.the banking licence of Heritage Bank following the bank’s “inability to improve its financial performance”.Speaking at the briefing, Hassan said payment to the insured depositors is expected to be done by the corporation within 30 days of being appointed liquidator, according to Section 28 of the NDIC Act.
Hassan said the bank’s total depositors are 2.3 million, with 99 percent of them having total balances of less than N5 million.“They will get all their money back. Only about 4,000 people had more than N5 million in their accounts,” he said. “We need to move as quickly as possible and we are doing that. I can assure you that all the payments will commence this week for the insured deposits.
Speaking on possible cases of litigation that may arise, the NDIC boss expressed readiness, adding that the judiciary has been asked to expedite cases concerning the liquidation of Heritage Bank.Hassan also said the corporation is working to ensure that loan repayment is completed within the next six months.“We have been engaging the judiciary for their support.
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