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The Nigeria Deposit Insurance Corporation (NDIC) has attributed delays in the payment of insured deposits to former customers of the defunct Heritage Bank to discrepancies in account names linked to their Bank Verification Numbers (BVN).
Bello Hassan, Managing Director of NDIC, made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.
Hassan reported that the NDIC has successfully paid a significant number of depositors of the defunct bank who did not face BVN-related issues. However, he urged those who have not yet received their insured deposit credit alerts to visit the NDIC’s website to complete their verification forms to facilitate their payment.
“The verification process will also include depositors without BVN-linked alternate accounts,” Hassan stated.
He added, “Since June 6, we have commenced the payment to customers. A substantial amount has already been disbursed. We rely on the BVN of customers to trace their alternate accounts in other banks and pay them their insured amounts. However, there are challenges due to discrepancies in account names and other details.”
Hassan called on affected customers who have not received their payments to come forward and complete their verification forms to resolve the issues and expedite their payments.
Regarding the payment of depositors with amounts exceeding five million naira, Hassan explained that these customers would receive liquidation dividends. The NDIC has begun the process of selling the physical assets of Heritage Bank and is working to recover loans and advances previously granted by the bank.
“We use these recovered funds to pay liquidation dividends. We do not wait to recover everything before starting payments. As we make recoveries, we will advertise the availability of liquidation dividends so concerned depositors should watch for alerts in their accounts,” Hassan assured.
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