After Heritage Bank’s licence was revoked by the Central Bank of Nigeria, the Nigerian Deposit Insurance Corporation (NDIC) released a statement assuring depositors at the Heritage Bank that it was already in the process of recompense them.
At a press briefing, the Managing Director of NDIC, Bello Hassan has announced that the corporation would take about 30 days as mandated by law but it would settle customers within 7 days, while also highlighting the processes of repayment.
The CBN had made void, the Heritage bank licence on Monday, June 4, over its failure to improve its financial performance.
A statement by the CBN read:
“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.”
Why It Matters
The NDIC’s promise to refund Heritage Bank customers within a week is important because it would ensure that people are immediately refunded back their money. This move will help to maintain trust in the banking system and provide much needed reassurance during this time of financial crises.
