How Heritage bank customers will get ₦5m insured funds — NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has begun the liquidation process for Heritage Bank Plc.

This follows the Central Bank of Nigeria’s (CBN) decision to revoke the bank’s commercial banking licence with national authorisation.

The NDIC has been appointed as the liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

A spokesperson for the NDIC, Bashir Nuhu, provided assurances to depositors with insured amounts of up to $5 million that they would receive their funds 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,” Nuhu stated.

For those depositors with funds exceeding ₦5 million, payments will be made as liquidation dividends after the bank’s assets have been realised and debts recovered.

Step-by-Step Process to Reclaim Funds
All depositors of the defunct bank without an 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 a driver’s license, permanent voter’s card, and 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.


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

  1. 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.
  2. 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 licenced banks.

As such, depositors are urged to continue their banking businesses without fear as banks whose licences have not been revoked remain safe and sound,” the statement concluded.

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