14 July 2024

Heritage Bank Customers Protest Delayed Payment of Deposits by NDIC



Heritage Bank Customers Protest Delayed Payment of Deposits by NDIC


Three weeks after the revocation of Heritage Bank, customers of the defunct bank have raised alarm over the delayed payment of their trapped deposits by the Nigerian Deposit Insurance Corporation (NDIC).

The President of the Bank Customers’ Association of Nigeria, Uju Ogunbunka, made this disclosure during an interview with Daily Post on Wednesday, 26 June, 2024
Ogunbunka, who said NDIC should not procrastinate on the payment to depositors of the defunct bank, explained that NDIC may be facing challenges which are causing the delay in payments to customers of the defunct bank.

“Yes, customers are complaining of delays in payment by NDIC. I am aware that NDIC is working to ensure that payments are made. The issue is that promises should not be made hastily without thoroughly assessing the situation.

“It seems NDIC is encountering challenges in processing the payments. This is likely the reason for the delay. Otherwise, why would NDIC delay payments? They have the alternate bank accounts of depositors. There must be issues NDIC is trying to resolve to avoid errors in payment,” he said.
Recall that NDIC commenced the liquidation process of the failed Heritage Bank following its revocation by the Central Bank of Nigeria on June 3, 2024.

To address this, NDIC assured the 2.3 million depositors of defunct Heritage Bank of imminent payments a week ago.
The Managing Director of NDIC, Bello Hassan, made this disclosure in a statement.

According to him, 99.9 percent of depositors from the defunct bank had balances of less than N5 million, while only 4,000 depositors had balances exceeding N5 million.

However, two weeks later, depositors of the defunct bank are still awaiting their payments, causing anxiety among affected customers.
Although NDIC assured depositors that payments would be made through their alternate bank accounts linked to their Bank Verification Numbers (BVN), the delay has left affected customers worried.

Meanwhile, the Pension Transitional Arrangement Directorate (PTAD) on Tuesday, 26 June, 2024 called on Defined Benefit Scheme (DBS) pensioners with pension bank accounts domiciled in the defunct Heritage Bank to provide alternative bank account details to ensure uninterrupted receipt of their monthly pensions.

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