Barely two days after the Central Bank of Nigeria (CBN) revoked the license of the Heritage Bank, The Nigerian Deposit Insurance Corporation (NDIC) has come out assured depositors of Heritage Bank it was already in the process of paying them.
Bello Hassan, the Managing Director of NDIC, stated this at a briefing where he outlined the processes of repayment, insisting that the corporation will not take 30 days as stipulated by law but will settle customers within one week.
According to the CBN, the decision was due to the bank’s inability to improve its financial performance.
“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,” the CBN said.
FreshPage noted that the Central Bank said Heritage Bank had not improved and “has no reasonable prospects of recovery”, thereby making revoking the licence the next necessary step.
