NDIC Settles 700,000 Heritage Bank Customers, Begins Payment To 46 Failed MFBs’ Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it has paid the insured deposits of about 700,000 customers of the defunct Heritage Bank.
It has also commenced the reimbursement of depositors of 46 microfinance banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).
The managing director and chief executive officer of the NDIC, Mr Oludare Sunday, disclosed this on Wednesday during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos.
Sunday said the Corporation immediately began the settlement of insured depositors following the revocation of the licences of the 46 mi...