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The Nigeria Deposit Insurance Corporation (NDIC) has paid a total of N51 billion to six hundred and eighty-six thousand, nine hundred and seventy nine (686,979) depositors of the failed Heritage Bank in 2024.
In total the sum of N51.05 billion was paid to 687,010 depositors of 9 closed DMBs in 2024 as reimbursement for insured deposits, compared with N6.89 million paid to 234 depositors of 15 closed DMBs as insured deposits in 2023.
Cumulatively, the total sum of N59.32 billion had been paid as the insured sum to 1,131,203 depositors of 50 closed DMBs (Commercial and Merchant banks) at end of December 2024.
Also, the Insured Deposits of the DMBs rose by 168.19 per cent to N20.54 trillion at end December 2024, from N7.66 trillion at end December 2023, following the review of the Maximum Deposit Insurance Coverage (MDIC) limit from N500,000 to N5,000,000 per depositor per DMB.
It will be recalled that following the revocation of the Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor.
To ensure seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number (BVN) to locate alternate account number of depositors in other banks and automatically credited them with the insured amount.
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