NDIC begins recovery of Heritage Banks’ assets

The Nigeria Deposit Insurance Corporation (NDIC) said it has already initiated the process of debt recovery and realisation of investments and physical assets of the defunct Heritage Bank to ensure timely payment of the uninsured deposits of the bank. Daily Trust reports that on June 3, the Central Bank of Nigeria (CBN) revoked the licence […]

The Nigeria Deposit Insurance Corporation (NDIC) said it has already initiated the process of debt recovery and realisation of investments and physical assets of the defunct Heritage Bank to ensure timely payment of the uninsured deposits of the bank.

Daily Trust reports that on June 3, the Central Bank of Nigeria (CBN) revoked the licence of Heritage Bank due to the lender’s “Inability to improve its financial performance”.

Speaking at a conference for journalists yesterday, Managing Director of NDIC, Bello Hassan, added, “The corporation is already working assiduously to ensure that all depositors with amounts in excess of the maximum insured amount of N5 million are paid through liquidation dividends from the realisation of the defunct bank’s assets and recovery of debts.”

He added: “On June 13, the NDIC announced the sale of 48 bank properties and chattel, including vehicles, office equipment, plant, and machinery, located in 62 different locations across the country.

“Other properties include six different branches in Lagos, four branches in Abuja, four in Rivers states, and across the country.” 

The NDIC further stated that the corporation has fast-tracked payment of 84.98% depositors with BVN linked accounts to date.