The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank it has commenced process of payment to all depositors of the now-liquidated bank.
The Managing Director of NDIC, Bello Hassan, stated this at a press briefing in Abuja, on Wednesday.
He outlined the processes of repayment, insisting that the corporation would not take 30 days as stipulated by law but would settle customers within one week.
He said, “Preliminary findings show that depositors fund was about N650 billion while the Bank loans was around N700 billion.”
The CBN had on Monday revoked the operational licence of Heritage Bank due to the bank’s inability to improve its financial performance.
Said the CBN, “The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability”.
