Heritage Bank: NDIC Explains Delay In Paying Customers

The Nigeria Deposit Insurance Corporation (NDIC) has reported that inconsistencies in account names linked to some former Heritage Bank Customers’ Bank Verification Numbers (BVN) are causing delays in their deposit reimbursements.

LEADERSHIP recalls that the NDIC has undertaken to begin payment of the 2.3 million depositors following the withdrawal of Heritage Bank’s operational licence.

The commission noted that 99% of the bank’s total customers had deposits less than N5 million.

The NDIC Managing Director, Mr. Bello Hassan, told the News Agency of Nigeria (NAN) in Abuja on Sunday that a substantial amount has been paid to depositors without BVN-related issues.

He urged those that are not receiving their payments to visit the NDIC website to complete verification forms, including those without BVN-linked accounts.

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He said, “We have already commenced the payment of customers since June 6. We have paid a substantial amount to the customers. What we leverage in making the payment is the BVN of customers. We trace alternate accounts in other banks and pay them their insured amounts.

“There are some that we have challenges linking up because of some discrepancies between the names and others. We are calling on customers who have not received their alerts in their alternate accounts to come forward and complete their verification forms so that we can pay them.”

Hassan stated that depositors with more than five million naira would receive a liquidation dividend.

He mentioned that the NDIC has begun selling the bank’s physical assets and is working to recover loans and advances previously granted by the bank.

According to him, “That is what we use in paying those liquidation dividends. We are not going to wait until we recover everything, no. As we recover, we will also advertise to say that we will pay liquidation dividends so that concerned depositors will be on the lookout for alerts in their accounts.”