• About
  • Advertise
  • Careers
  • Contact Us
Monday, June 30, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

NDIC Begins N46.6 Billion Disbursement to Depositors of Defunct Heritage Bank

by Latifat Fashina
April 28, 2025
in Finance
0
Heritage Bank operating license revoked by CBN and NDIC
Heritage Bank operating license revoked by CBN

Heritage Bank operating license revoked by CBN

UBA
Advertisements

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of funds to depositors of the defunct Heritage Bank, whose account balances exceeded the NDIC’s maximum insured limit of N5 million at the time of the bank’s closure.

This was disclosed in a statement signed by Hawwau Gambo, NDIC’s acting head of Communication and Public Affairs.

The corporation has initiated the first disbursement of liquidation dividends, totalling N46.6 billion, sourced from the sale of the defunct bank’s assets and the recovery of outstanding debts.

In June 2024, the Nigerian federal government revoked Heritage Bank Plc’s banking license due to its failure to improve financial performance, which posed a risk to the country’s financial stability.

As part of its commitment to fully reimburse depositors of the failed bank, NDIC began the disbursement process on Friday, April 25, 2025.

The dividend payment is being made at the rate of 9.2 kobo per naira on a pro-rata basis to those depositors whose balances exceeded the N5 million insured limit.

The statement further clarified that NDIC is utilizing depositors’ Bank Verification Numbers (BVNs) to identify their alternate bank accounts for reimbursement.

It read:

“It will be recalled that following the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor. To ensure a seamless and efficient payment process, the NDIC used the Bank Verification Number (BVN) to locate alternate account numbers for depositors in other banks, automatically crediting them with the insured amount.”

Additionally, the NDIC has urged depositors with balances exceeding N5 million who have not yet received their payment to visit the nearest NDIC office.

Depositors without an alternate bank account should also visit the nearest NDIC office or complete and submit the deposit verification form on the NDIC website to facilitate the payment of the insured amount.

Loading

Advertisements
MTN ADS

0Shares
Tags: Heritage BankNDIC
Latifat Fashina

Latifat Fashina

LATIFAT FASHINA is the Business/Finance Reporter at Techeconomy. She can be reached via: latifat.fashina@techeconomy.ng

Next Post
IBM Unveils $150 Billion Investment Plan in U.S.

IBM Unveils $150 Billion Investment Plan to Boost U.S. Tech, Quantum Computing Over Five Years

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Cowrywise Terminates Five Positions across Departments

Cowrywise Terminates Five Positions across Departments

2 years ago
Blackjack and Roulette

Mastering Table Games: Blackjack, Roulette, and Poker on 1win Bet

7 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.