Heritage Bank; NDIC begins payment of depositors’ insured sum, after CBN hammer— MD

Heritage Bank; NDIC begins payment of depositors’ insured sum, after CBN hammer— MD

The Nigeria Deposit Insurance Corporation (NDIC), says it will begin payment of insured sum to 2.3 million depositors of Heritage Bank in-liquidation this week.

The Managing Director of NDIC, Mr Bello Hassan, said this while briefing newsmen in Abuja on Wednesday.

Hassan said the bank had preliminary deposits of N650 billion and loan worth N700 billion.

According to him, 99.9 per cent of depositors of the defunct bank have a deposit balance of less than five million naira, while only 4,000 of the depositors have more than five million naira deposit. (NAN)