The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank it was already in the process of paying them.
The Managing Director of NDIC, Bello Hassan, stated this at a briefing where he outlined the processes of repayment, insisting that the corporation will not take 30 days as stipulated by law but will settle customers within one week.
It was reported that the Central Bank of Nigeria (CBN) on Monday, June 4, revoked the banking licence of Heritage Bank.
According to the CBN, the decision was due to the bank’s inability to improve its financial performance.
“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” the CBN said.
However, the apex said Heritage Bank had not improved and “has no reasonable prospects of recovery”, thereby making revoking the licence the next necessary step.