Heritage Bank Customers Flock to Headquarters for Payments

Customers of the liquidated Heritage Bank gathered at the bank’s headquarters in Lagos on Wednesday to seek clarification on when their deposit payments would begin.

A News Agency of Nigeria correspondent observed that security personnel at the bank’s entrance prevented customers from entering the premises.

An official addressed the customers through the gate, informing them that payments had begun for savings account holders and would continue until Friday.

“You don’t need to take any action. NDIC staff are already processing payments. Your money will be transferred to your other account linked with your BVN,” the official assured them.

However, corporate account holders were advised to return “next week,” raising concerns as BVN is typically associated with individual accounts, not companies.

The atmosphere remained somber as customers declined interviews with NAN. One customer simply stated, “Mine is an entrepreneurship account.”

Efforts by a NAN correspondent to gain entrance were thwarted by security personnel, who referred to the Central Bank of Nigeria’s press release dated June 3, announcing the revocation of the bank’s license, as the response to all inquiries.

The CBN revoked Heritage Bank Plc’s license on Monday, citing a breach of Section 12 (1) of BOFIA, 2020, and appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator.

NDIC Managing Director, Mr. Bello Hassan, disclosed at a news conference in Abuja that “99 percent of Heritage Bank depositors had total balances less than N5 million.” He assured that “payments would start before the end of the week, with insured benefits capped at N5 million.”

He added that those with deposits exceeding N5 million would be paid after the sale of the bank’s assets.