The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Heritage Bank Plc.

The insurer of depositors’ funds said this in a statement on Monday shortly after the Central Bank of Nigeria (CBN) revoked the commercial bank license with national authorisation. The apex bank also appointed the NDIC as the liquidator of the failed bank according to Section 12(2) of BOFIA, 2020.

READ ALSO: CBN revokes operating license of Heritage Bank

A spokesperson for the NDIC, Bashir Nuhu, assured depositors with an insured amount of ₦5 million that they would get their money through alternate banks.

“Depositors of the bank with alternate accounts within the industry will be paid up to the insured amount of ₦5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account.

“While depositors with funds above ₦5 million will be paid liquidation dividend upon realisation of the bank’s assets and recovery of debts owed to the bank,” the statement partly read.

Step-To-Step Process To Reclaim Funds
All depositors of the defunct bank without alternate bank account in the industry are advised as follows:

1. Visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as driver’s license, permanent voter’s card, National Identity Card, together with their alternate account and Bank Verification Number (BVN) for the verification of their deposits and subsequent payment of insured sums.

Or

II. File online claims by visiting the NDIC website claims page on www.ndic.gov.ng/claims/claims, download and fill the claims forms and upload the required documentation.

2. Verification and Payment of Creditors. Creditors are advised 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.

3. Debtors’ Repayment of Loans: Debtors who have yet to repay loans are advised 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 As such, depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound,” the statement concluded.