Breaking News : NDIC to repay Heritage Bank customers within one week – MD

The Nigerian Deposit Insurance Corporation (NDIC) says the payment of depositors in the recently liquidated Heritage Bank will commence before the end of the week.

The Managing Director of NDIC, Bello Hassan, disclosed this in a briefing on the liquidation of the bank in Abuja today.

Hassan said the total bank deposits at heritage bank stands at N650 billion while it’s loan portfolio stands at over N700 billion.

He stated that the NDIC looks forward to ensuring the loan repayment within the next six months.

The NDIC MD said that all depositors are currently being verified for onward payment of insured benefit of five N5 million while depositors with insured deposits above N5 million naira will be paid upon the sale of the assets of bank.

The NDIC put the total depositors at the bank at 2.3 million with 99 per cent of them having total balances less than five million naira.

There are about 116 branches of heritage banks across the country.