By Pathfinder Reporter
Wednesday June 5, 2024
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The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank of paying them within one week.
The Managing Director of NDIC, Bello Hassan, stated this at a briefing where he outlined the processes of repayment, insisting that the corporation will not take 30 days as stipulated by law but will settle customers within one week.
The Pathfinder Newspaper reported that the Central Bank of Nigeria (CBN) on Monday, June 4, revoked the banking license of Heritage Bank.
According to the CBN, the decision was due to the bank’s inability to improve its financial performance.
“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” the CBN said.
However, the apex said Heritage Bank had not improved and “has no reasonable prospects of recovery”, thereby making revoking the license the next necessary step.
The NDIC boss asserted that over 99 percent of the 2.3 million depositors have N5 million or less in their accounts and will therefore be paid in full.
He explained that only about 4000 depositors have above N5 million in their accounts.
For such customers, they will receive an initial N5 million along with others and later be paid more as the NDIC recovers assets of the bank and loans from debtors.
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