Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) on Monday, and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, the Corporation has announced the commencement of liquidating the bank.

This, the NDIC, said is in pursuant to Section 12(2) of BOFIA, 2020, and urged depositors of the bank in particular and the banking public in general of its action.

In accordance with Section 55 sub-sections 1 & 2 of the NDIC Act 2023, the Corporation has commenced liquidation process of the failed bank with immediate verification and payment of insured deposits to the bank depositors, the NDIC stated.

Bashir A. Nuhu, Director of Communication & Public Affairs of the NDIC, said in a statement on Monday that depositors of the bank that have alternate accounts within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account, while depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the banks assets and recovery of debts owed to the bank.

The statement reads in part: Verification and Payment of Depositors Without Alternate Bank Account: All depositors of the defunct bank without alternate bank account in the industry are advised as follows:

Visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as drivers license, permanent voters card, 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. OR

File online claim by visiting the NDIC website claims page onwww.ndic.gov.ng/claims/claims, download and fill the claims forms and upload the required documentation.

Verification and Payment of Creditors: Creditors are also 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.

Debtors Repayment of Loans: Debtors that are yet to complete the repayment of loans are advised to contact the Corporations Asset Management Department (AMD). Visit the NDIC website for more details.

The NDIC assured the entire banking public of its commitment to the continued safety of depositors funds in all licensed banks and urged depositors to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound. (Tribune)