The Nigerian Deposit Insurance Corporation has assured depositors of Heritage Bank that theres no need for panic as it is already in the process of repaying depositors of the bank.
The Managing Director of NDIC, Bello Hassan at a briefing on the liquidation of the bank in Abuja on Wednesday said the payment of the depositors will commence before the end of the week.
Speaking at the briefing where he outlined the processes of repayment he insisted that the corporation will not take 30 days as stipulated by law but settle customers within one week.
The NDIC commenced the liquidation of Heritage Bank following the revocation of its banking licence by the Central Bank of Nigeria (CBN) on Monday.
Hassan said the total bank deposits at heritage bank stands at N650 billion while it’s loan portfolio stands at over N700 billion.
He stated that the NDIC looks forward to ensuring the loan repayment within the next six months.
The NDIC MD said that all depositors are currently being verified for onward payment of insured benefit of five N5 million while depositors with insured deposits above N5 million naira will be paid upon the sale of the assets of bank.
The NDIC put the total depositors at the bank at 2.3 million with 99 per cent of them having total balances less than five million naira.
There are about 116 branches of heritage banks across the country.
