The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank that the repayment process is already underway.
NDIC Managing Director Bello Hassan stated during a briefing that the corporation aims to settle customers within one week, significantly faster than the 30-day period stipulated by law.
This announcement comes after the Central Bank of Nigeria (CBN) revoked Heritage Bank’s banking licence on Monday, June 4. The CBN cited the bank’s persistent inability to improve its financial performance as the reason for this decision.
“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,” the CBN explained. Despite efforts, Heritage Bank showed no reasonable prospects of recovery, leading to the necessary step of revoking its licence.
Further details will be provided shortly.
