Breaking In: 99 percent of Heritage Bank’s depositors have balances less than N5m, says NDIC

The Nigerian Deposit Insurance Corporation (NDIC) has revealed that ninety-nine percent of Heritage Bank depositors have total balances under N5 million.

Bello Hassan, the Managing Director of the NDIC, said this at a media conference on Wednesday, June 3, in Abuja.

He said that the Heritage Bank was liquidated after the country’s apex bank revoked its license due to a violation of Section 12 (1) of the BOFIA, 2020.

The NDIC said there were 2.3 million depositors at Heritage Bank.

Hassan said the bank is currently verifying all depositors to provide insurance benefits of up to N5 million.

He added that depositors with insured savings exceeding N5 million will be paid after the bank’s assets are liquidated.