Depositors’ money in failed banks safe — NDIC boss

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has reiterated that deposits in failed banks are safe, urging depositors not to worry.

He gave the assurance during the NDIC’s Special Day at the 46th Kaduna International Trade Fair on Thursday.

Represented by the Area Controller of the Kano Zonal Office, Ahmed Umar, the MD stressed, “NDIC remains committed to ensuring that creditors of the defunct bank receive payments once all depositors have been fully reimbursed.”

To this end, he added, “I urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments to come forward and provide the necessary documentation supporting ownership of their accounts.

“You can submit your claims through our website, email, or social media platforms. We remain dedicated to safeguarding depositors’ funds and ensuring their timely reimbursement,” he stressed.

He also said NDIC, acting as liquidator, is also committed to compensating depositors with balances exceeding ₦5 million upon the realisation of the defunct bank’s assets.

According to him, NDIC has made significant progress in realising the assets of Heritage Bank and recovering outstanding debts to facilitate the timely reimbursement of these uninsured deposits.

He also said the corporation has successfully and transparently auctioned the failed bank’s landed properties and chattels in line with its statutory mandate under section 62(1)(d) of the NDIC Act 2023.

“The proceeds from these ongoing sales will be applied towards settling depositors with balances above the insured limit of ₦5 million,” he stated.

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