Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC) Bello Hassan has disclosed that the corporation has commenced asset recovery and loan retrieval efforts for the defunct Heritage Bank.
These actions are aimed at reimbursing depositors with balances exceeding the N5 million insured deposit cap and fulfilling other liabilities. Hassan disclosed this at NDIC Special Day during the ongoing Lagos International Trade Fair in Lagos yesterday.
Represented by the Director of Corporate Communications and Public Affairs, Nuhu Bashir, highlighted the corporation’s focus on recovering outstanding loans from Heritage Bank’s debtors.
Nuhu noted that the NDIC has initiated discussions with debtors, setting specific timelines for loan repayments to ensure timely compensation of uninsured depositors through liquidation dividends.
He noted that in the wake of the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s operating license on June 3, 2024, the NDIC acted swiftly, reimbursing insured depositors within four days.
He said: “While our immediate focus remains on insured deposits, the NDIC is also committed to ensuring that depositors with balances exceeding N5 million are compensated.”
