The Nigeria Deposit Insurance Corporation (NDIC) has pledged to resolve outstanding issues preventing depositors of the now-defunct Heritage Bank from accessing guaranteed sums above N5 million. This assurance was made by NDIC Managing Director Alhaji Bello Hassan during the 2024 NDIC Editors Forum held in Lagos on Saturday.
Represented by NDIC’s Executive Director of Operations, Mr. Mustapha Ibrahim, Hassan outlined ongoing efforts by the corporation to facilitate payments through a focused drive on asset recovery and debt realization. According to Hassan, depositors with funds beyond the N5 million insurance cap are receiving reimbursements through liquidation dividends, which are sourced from recovered assets and debts.
“The corporation has initiated the process of debt recovery and realization of investments and physical assets of the defunct bank to ensure timely payment of uninsured deposits,” Hassan stated, emphasizing NDIC’s dedication to meeting depositor needs.
He added that NDIC’s responsibilities also extend to creditors of the bank, who will receive payments after depositors have been fully compensated. He noted that maintaining an orderly repayment process is critical for preserving public confidence in Nigeria’s banking system and safeguarding financial stability.
The forum, themed *“Strengthening Nigeria’s Financial Safety-Net: The Role of Deposit Insurance”*, aligns with NDIC’s mission to protect depositors—particularly those less informed about the financial system—and to uphold stability in Nigeria’s banking sector. Since its establishment over 30 years ago, the NDIC has been instrumental in protecting depositor funds and mitigating risks across Nigeria’s financial institutions.
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