Following the revocation of banking license of Heritage Bank by the Central Bank of Nigeria, CBN, its customers have been assured of repayment within one week.
The Managing Director of the Nigerian Deposit Insurance Corporation, NDIC, Bello Hassan, gave the assurance on Wednesday while briefing on the liquidation of the bank in Abuja.
He said payment of depositors at the bank will commence before the end of the week.
Hassan said that the NDIC has commenced the liquidation of Heritage Bank following the revocation of its banking license by the Central Bank of Nigeria, on Monday.
He said the total bank deposits at heritage bank stands at N650 billion while its loan portfolio stands at over N700 billion.
He added that the NDIC is looking forward to ensuring the loan repayment within the next six months.
The NDIC MD said that all depositors are currently being verified for onward payment of insured benefit of five N5 million while depositors with insured deposits above N5 million will be paid upon the sale of the assets of the bank.
The NDIC put the total depositors at the bank at 2.3 million with 99 per cent of them having total balances less than five million naira.
There are about 116 branches of heritage banks across the country according to the insurance company.
