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The Nigerian Deposit Insurance Corporation (NDIC) has said that depositors in the recently liquidated Heritage Bank will start receiving their insured funds by the end of this week.
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NDIC’s Managing Director, Bello Hassan, revealed this information during a briefing on the bank’s liquidation process in Abuja on Tuesday.
Hassan revealed that Heritage Bank’s total deposits amount to N650 billion, while its loan portfolio exceeds N700 billion.
He stated that the NDIC aims to ensure loan repayment within the next six months.
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Hassan explained that all depositors are currently being verified for the payment of insured benefits up to N5 million.
Depositors with insured deposits above N5 million will receive their payments upon the sale of the bank’s assets.
The NDIC estimates that Heritage Bank has 2.3 million depositors, with 99% of them having total balances of less than N5 million.
Heritage Bank operates approximately 116 branches across the country.
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