More than a month after the collapse of Heritage Bank, the Nigeria Deposit Insurance Corporation (NDIC) has reiterated its commitment to the full reimbursement of all eligible depositors. In a post shared on its official X (formerly Twitter) handle, the Corporation stated that payment of the insured sums has been “ongoing” despite operational bottlenecks and complications involving certain account holders.
The public clarification came in response to renewed appeals and complaints by customers of the defunct bank who are still awaiting their insured deposits. For many, the wait has been both financially distressing and emotionally taxing.
“We apologise for the delay in your payment and any challenges you may have experienced,” NDIC posted. “Kindly note that NDIC has continued to pay depositors. Payment has been ongoing, and the Corporation is committed to the successful reimbursement of all eligible depositors. Those with outstanding issues may wish to message us directly so we can resolve any challenges.”
This message, while reassuring, also served to highlight the complexities involved in bank failures and the ripple effects on ordinary Nigerians. NDIC further explained that most of the insured depositors have already been paid, but there remains a small group of unresolved cases.
These include account holders without alternate accounts through which the NDIC can process payments and customers whose accounts are frozen by “post no debit” orders—either due to legal disputes, court rulings, or flagged KYC (Know-Your-Customer) concerns. “Once those orders are vacated,” NDIC noted, “we are going to pay them.”
For depositors with funds above the ₦5 million insurance threshold, NDIC has initiated the first tranche of liquidation dividends totaling ₦46.6 billion. These funds, according to the Corporation, were realized from the sale of Heritage Bank’s assets and the recovery of debts owed to the failed institution.
The Corporation also didn’t shy away from pointing fingers: defaulters who refused to pay back loans issued by Heritage Bank are partly responsible for the delays in settling outstanding obligations. “Debt recovery is central to this process,” NDIC stated, adding that efforts are ongoing to recover all debts and finalize asset sales.
Heritage Bank’s failure sent shockwaves through Nigeria’s financial ecosystem, raising questions about regulatory oversight, credit risk management, and the broader health of the banking sector. For many of the bank’s customers—especially small business owners, pensioners, and civil servants—the closure triggered panic and financial uncertainty.
As the NDIC continues its painstaking reimbursement process, public patience has been tested, especially in a fragile economy where every naira counts. But this recent update provides a degree of relief and transparency, with a clear signal that the Corporation is still working behind the scenes to resolve every eligible claim.
In hindsight, the Heritage Bank collapse is a painful reminder of the importance of robust internal controls and the need for stronger loan recovery frameworks. It also underscores the critical role of NDIC in not just protecting depositors but also restoring confidence in Nigeria’s financial institutions during turbulent times.
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