Discrepancy in account names delaying Heritage Bank customers’ payment – NDIC


July 1, 2024.

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Azonuchechi Chukwu.

The Nigeria Deposit Insurance Corporation (NDIC) has stated that discrepancies in account names linked to the Bank Verification Numbers (BVN) of some former Heritage Bank customers are delaying their insured deposit payments.

Mr. Bello Hassan, NDIC’s Managing Director, mentioned to the News Agency of Nigeria (NAN) in Abuja that a substantial amount has been paid to depositors without BVN-related issues.

He urged those who have not received their payments to visit the NDIC website to complete verification forms, including those without BVN-linked accounts.

He said, “We have already commenced the payment of customers since June 6. We have paid a substantial amount to the customers. What we leverage in making the payment is the BVN of customers. We trace alternate accounts in other banks and pay them their insured amounts.”

“There are some that we have challenges linking up because of some discrepancies between the names and others. We are calling on customers who have not received their alerts in their alternate accounts to come forward and complete their verification forms so that we can pay them,”

For depositors with more than five million naira, Hassan stated that they would receive a liquidation dividend. He mentioned that the NDIC has begun selling the bank’s physical assets and is working to recover loans and advances previously granted by the bank.

According to him, “That is what we use in paying those liquidation dividends. We are not going to wait until we recover everything, no. As we recover, we will also advertise to say that we will pay liquidation dividends so that concerned depositors will be on the lookout for alerts in their accounts.”

Recall that on June 3, 2024, the Central Bank of Nigeria revoked the banking license of Heritage Bank Plc due to persistent financial instability and regulatory breaches. The decision according to the CBN is in line with the CBN’s mandate under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, which aims to maintain a stable financial system in Nigeria.  (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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