The Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Bello Hassan, said on Wednesday depositors of collapsed Heritage Bank Plc would receive their deposit within one week.
Hassan gave the update at a briefing on the liquidation of the bank on Wednesday in Abuja.
The NDIC commenced the liquidation of Heritage Bank following the revocation of its banking licence by the Central Bank of Nigeria (CBN) on Monday.
The NDIC chief said the total bank deposits at Heritage Bank stands at N650 billion while its loan portfolio stands at over N700 billion.
He said NDIC would ensure the loan repayment within the next six months.
Hassan said that all depositors are currently being verified for onward payment of insured benefit of N5 million while depositors with insured deposits above N5 million naira would be paid upon the sale of the bank’s assets.
The NDIC put the total depositors at the bank at 2.3 million with 99 percent of them having total balances less than N5 million.
There are 116 branches of Heritage Bank across the country.
By: Babajide Okeowo
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