The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank that their deposits are already being processed for payment.
The Managing Director of NDIC, Mr. Bello Hassan, explained the repayment processes at a briefing, pledging to settle customer accounts within a week, faster than the legally required 30 days.
Persecondnews recalls that the Central Bank of Nigeria (CBN) revoked the banking license of Heritage Bank on Monday, June 4.
The CBN blamed the decision on the bank’s inability to improve its financial stability.
CBN said, “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.”
Despite efforts to address its financial struggles, Heritage Bank failed to show improvement, leading the apex bank to conclude that recovery was unlikely, thereby necessitating the revocation of its license.
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