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BREAKING: NDIC commences payment to Heritage Bank's customer this week

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The Nigeria Deposit Insurance coverage Company (NDIC) has introduced that depositors of the now-liquidated Heritage Financial institution will begin receiving their insured deposits beginning this week.

The NDIC Managing Director, Mr. Bello Hassan revealed this throughout a press convention in Abuja on Wednesday, June 5, 2024.

Hassan assured that over 99 % of the affected 2.3 million depositors, who’ve balances of N5 million or much less, would obtain their full insured deposits promptly. This transfer is ready to considerably mitigate the influence on a overwhelming majority of the financial institution’s clientele.

Nonetheless, for the roughly 4,000 depositors whose account balances exceed the N5 million threshold, an preliminary payout of N5 million will probably be disbursed as a part of the primary part of funds.

Mr. Hassan clarified that these depositors would obtain additional funds because the NDIC progresses with recovering the financial institution’s belongings and excellent loans.

Recall that the Central Financial institution of Nigeria (CBN), on Monday, introduced the revocation of the working licence of Heritage Financial institution Plc