NDIC auctions defunct Heritage Bank’s assets

The Nigeria Deposit Insurance Corporation (NDIC) said that it has successfully and transparently auctioned the defunct Heritage Bank’s assets which included landed properties and chattels.

Its Managing Director, Bello Hassan, made the disclosure during the corporation’s special day at the ongoing 46th Kaduna International Trade Fair, Kaduna.

He said that the auction was in line with its statutory mandate under Section 62 (1)(d) of the NDIC Act, 2023.

“The proceeds from the ongoing sales would be applied towards settling depositors with balances above the insured limit of N5 million, with additional payments to follow as further recoveries are made,” he said.

Represented by the Kano Zonal Office Comptroller, Ahmad Umar, Mr Hassan stated that NDIC was committed to ensuring a stable financial environment that safeguards depositors and builds public confidence.

According to him, this is to enable businesses to thrive and contribute to the nation’s economic development.

He explained that the corporation’s mission was embodied in the tagline “Protecting your bank deposits.”

This, Mr Hassan said, was to promote financial inclusion and stability by reassuring Nigerians of the security of their savings.

He cited an example with the recent revocation of Heritage Bank’s operating licence on 3 June 2024, where the NDIC reimbursed depositors within four days using their Bank Verification Numbers (BVN).

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Mr Hassan added that the swift action had enabled the payment of insured amounts to all the depositors other than those with no alternate accounts in other banks or those depositors whose accounts had posted no debits (PND) instructions or had no BVN.

He explained that depositors with no BVN were being contacted by the corporation through telephone calls and text messages to come forward for verification.

The NDIC boss reiterated the corporation’s commitment to ensuring that creditors of the defunct bank receive payments once all the depositors have been fully reimbursed.

He urged depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the accounts so they can be reimbursed.

(NAN)