Why we have not paid some Heritage Bank customers, NDIC explains

• The Nigeria Deposit Insurance Corporation (NDIC) has explained why some depositors of Heritage Bank customers have not been paid
• The NDIC stated that discrepancies in BVN linked to the customers’ alternate bank accounts are causing payment delay
• The corporation asked customers of the bank to visit the NDIC website to authenticate their BVNs

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that account name differences in Bank Verification Numbers (BVN) linked to the alternative bank accounts of some Heritage Bank customers are delaying payment of their insured deposits.

The Managing Director of NDIC, Hassan Bello, disclosed this in an interview with the News Agency of Nigeria (NAN).

Customers of Heritage Bank to be paid when they verify their BVNs Credit: Picture alliance/contributor
Source: Getty Images

NDIC pays more Heritage Bank customers

The NDIC boss said the corporation had paid a substantial amount to depositors of the failed bank without BVN issues.

He asked the bank's depositors who have not received their insured amount to alert the NDIC via its website and complete their verification forms for payment.

Hassan noted that the verification would include depositors without BVN alternative accounts.

Vanguard reports that Hassan said the corporation commenced payment of customers on June 6, three days after CBN revoked the bank’s license.

How to get your funds from Heritage Bank

Reports say that the NDIC MD said customers with more than five million in their accounts would be paid after the bank’s assets have been liquidated.

He stated that the corporation had already commenced selling the bank's physical assets and had set the process in motion to ensure it recovered loans and advances granted to the bank.

The Central Bank of Nigeria (CBN) revoked Heritage Bank’s license on June 3, saying it decided to liquidate the bank due to its failure to improve its financial performance.

CBN appointed the NDIC as the liquidator, with the corporation listing conditions and steps for depositors to receive their insured sums.

MultiChoice laments N31.6 billion trapped in Heritage Bank

Legit.ng previously reported that the MultiChoice Group, owners of DSTV, said it had an account balance of N31.6 billion with the liquidated Heritage Bank.

The satellite television company disclosed in its annual report for the 2024 Financial Year that it had a deposit of N33.7 billion with the bank as of the 2024 fiscal year ending on March 31, 2024.

The company disclosed that the balance was subsequently reduced to N31.6 billion due to remittance before the Central Bank of Nigeria revoked the bank's license on June 3, 2024.

Source: Legit.ng