The Nigeria Deposit Insurance Corporation (NDIC) on Sunday announced that it has reimbursed 82.36% of the insured depositors of the now-defunct Heritage Bank following the Central Bank of Nigeria’s (CBN) revocation of the bank’s licence on June 3, 2024. However, this claim has been met with significant scepticism from depositors.
In a statement released on Sunday, NDIC spokesperson Bashir Nuhu highlighted that the remaining 17.64% of insured deposits yet to be reimbursed belong to account holders with Post-No-Debit (PND) instructions or those without Bank Verification Numbers (BVN).
Nuhu stated that the NDIC began reimbursing depositors within just four days of the bank’s closure, using BVN-linked alternate accounts to expedite payments.
“Depositors with balances exceeding N5 million have received the initial insured sum while remaining balances will be paid as liquidation dividends upon the realization of the bank’s assets,” the NDIC statement read.
However, this claim has sparked significant backlash from depositors, many of whom took to social media platform X to dispute the NDIC’s statements, alleging that they have yet to receive any of their trapped funds.
Numerous depositors criticized the NDIC, accusing the agency of disseminating false information about the reimbursement process. One user, Glorious Emmanuel Omolola, expressed frustration, claiming that many pensioners have not received their payments despite fulfilling all requirements, with some even suffering health issues as a result.
Another depositor, Okechukwu Nwosu, recounted his experience of completing the necessary forms and following up at the NDIC office, only to remain unpaid. Several others echoed similar sentiments, reporting that despite having submitted the required documents and linked their Bank Verification Numbers (BVN) to alternative accounts, they had not seen any funds. The NDIC’s announcement, intended to reassure the public, seems to have instead fueled distrust and anger among depositors, with some threatening legal action or public protests if their funds are not promptly disbursed. The NDIC has yet to respond to these allegations.
