By NDIC Managing Director/CEO Bello Hassan disclosed that the first tranche of payment will be 9.2 kobo per naira. This move follows the revocation of Heritage Bank’s license by the Central Bank of Nigeria.
“We’ve made significant progress in disposing of the defunct bank’s physical assets and are aggressively recovering debts to enable further payments,” Hassan said.
NDIC Boosts Financial Stability Mandate
Highlighting efforts to stabilize the financial system, Hassan said:
“The NDIC has been working to strengthen its mandate and ensure the stability of the financial system, amidst emerging disruptions and challenges.”
He noted initiatives such as public awareness campaigns, publishing licensed institutions, and leveraging social media for timely updates.
Ponzi Schemes Undermining Public Trust
Hassan raised concerns about the rise of fraudulent schemes, citing the CBEX pyramid crash which reportedly caused losses of N1.3 trillion.
“These schemes have serious implications for public confidence,” he warned, urging the public to avoid unlicensed financial institutions.
Lawmakers Back NDIC’s Strategy
Chairman of the House Committee, Ahmadu Usman Jaha, commended the NDIC’s transparency and rapid action:Almost 99% of the insured deposits from Heritage Bank have been paid.
The 9.2 kobo payout to uninsured depositors is a clear sign of commitment.”
He acknowledged the pressures facing Nigeria’s financial system—from cyber threats to global banking shifts—but reaffirmed the NDIC’s crucial role:
“NDIC remains a vital pillar in maintaining public confidence in the Nigerian banking sector.”
Legislative Support for Stronger Frameworks
Jaha assured continued collaboration between lawmakers, NDIC, and other stakeholders to develop sound policies and fortify institutional resilience.
