The Nigerian Deposit Insurance Corporation (NDIC) announced that 99 percent of Heritage Bank depositors have total balances under N5 million. This was disclosed by NDIC Managing Director Bello Hassan at a media conference on Wednesday, June 5, in Abuja.

Heritage Bank was liquidated after the Central Bank of Nigeria (CBN) revoked its license for violating Section 12(1) of the BOFIA, 2020. According to the NDIC, Heritage Bank had 2.3 million depositors.

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Hassan stated that the NDIC is currently verifying all depositors to provide insurance benefits of up to N5 million. He also noted that depositors with insured savings exceeding N5 million will be compensated after liquidating the bank’s assets.