In light of the recent liquidation of Heritage Bank Plc, the Nigeria Deposit Insurance Corporation (NDIC) has laid out a comprehensive plan to ensure depositors retrieve their insured funds seamlessly. Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s license, the NDIC has stepped in as the liquidator, guaranteeing depositors up to ₦5 million per depositor.
NDIC’s Assurance to Depositors
Bashir Nuhu, a spokesperson for the NDIC, reassured depositors that they would receive their insured amounts through alternative banking channels. He emphasized the NDIC’s commitment to protecting depositor funds and maintaining confidence in the banking system.
“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. “Depositors with funds exceeding ₦5 million will receive a liquidation dividend upon the realization of the bank’s assets and recovery of debts owed to the bank.”
Step-by-Step Process for Reclaiming Funds
To facilitate the process for all affected depositors, the NDIC has outlined specific steps to ensure the smooth retrieval of funds:
- For Depositors with Alternate Bank Accounts:
- Verification and Payment: If you have an alternate bank account, your insured funds (up to ₦5 million) will be transferred using your BVN. Ensure your BVN is up-to-date and correctly linked to your alternate account.
- For Depositors Without Alternate Bank Accounts:
- In-Person Claims: Visit the nearest branch of Heritage Bank with proof of account ownership, such as a driver’s license, permanent voter’s card, or National Identity Card. You must also bring details of your alternate account and BVN for verification and subsequent payment.
- Online Claims: Alternatively, you can file your claims online by visiting the NDIC website at www.ndic.gov.ng/claims/claims. Download and complete the claims form, and upload the required documents.
- For Creditors:
- Verification and Payment: Creditors are advised to file their claims at the nearest Heritage Bank branch or via the NDIC’s online platform. The payment process for creditors will begin after all depositors have been compensated.
- For Debtors:
- Loan Repayment: Debtors who still owe money to Heritage Bank should contact the NDIC’s Asset Management Department (AMD) to arrange repayment. Detailed instructions are available on the NDIC website.
Ensuring Depositor Confidence
The NDIC has reiterated its dedication to the safety of depositors’ funds across all licensed banks in Nigeria. In their statement, they urged the public to continue their banking activities without fear, reassuring them that banks with valid licenses remain safe and sound.
“The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks. As such, depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound,” the statement concluded.
Key Points to Remember
- Verification: Ensure your BVN is correctly linked to your alternate account.
- Documentation: Keep all necessary documents ready for verification, whether filing claims in-person or online.
- Stay Informed: Regularly check the NDIC website for updates on the liquidation process and any new instructions.
Conclusion
The liquidation of Heritage Bank Plc marks a significant event in Nigeria’s banking sector. However, with the NDIC’s structured approach and clear guidelines, depositors can confidently navigate the process of reclaiming their insured funds. By following the outlined steps, depositors can ensure a smooth and efficient retrieval of their funds, reinforcing trust in the country’s financial system.
For further details and updates, visit the NDIC official website at www.ndic.gov.ng.
