The Nigeria Deposit Insurance Corporation (NDIC) said it has reimbursed 82.36 per cent of the customers of the defunct Heritage Bank with deposits below the N5 million maximum insured deposit.
Disclosing this in a statement yesterday, Director, Communications and Public Affairs, NDIC, Bashir Nuhu, said that this was achieved through the use of BVN-linked alternate accounts of the customers of the defunct bank.
He said: “The Corporation began the payment of the insured deposits of Five Million Naira (N5,000,000) maximum per depositor within a record time of four (4) days of the bank closure.
“This was achieved using Bank Verification Numbers (BVN) as a unique identifier to locate depositors’ alternate accounts in other banks.
However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms, marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36% of the total insured deposit to date.
“The remaining 17.64% of the insured deposits yet to be paid were largely depositors whose accounts have post no debits (PND) instructions or have no BVN.
“Others are those with no alternative accounts in other banks or accounts with KYC limit on the maximum lodgment per day and are yet to come forward for verification.
“These categories of depositors are presently being contacted by the Corporation through telephone calls and text messages to come forward for verification.”
He added the NDIC has commenced a debt recovery process and realization of investments and physical assets of the defunct bank to generate funds to ensure timely reimbursement of customers with deposits of above the N5 million insured deposits.
“Subsequently, after the full payment of both insured and uninsured portion of deposits, the Corporation will proceed with the payment of creditors in accordance with priority of claim as provided in the extant law. We will like to reiterate that, all payments other than that of insured deposits, are subject to availability and realisation of assets of the bank in the form of liquidation dividend,” he added.