Step-by-Step Guide: How Heritage Bank Depositors Can Recover Their Money

In light of the Central Bank of Nigeria (CBN) revoking Heritage Bank PLC’s license due to violations of the Banks and Other Financial Institutions Act (BOFIA) 2020, customers are understandably concerned about recovering their funds.

This development comes less than a month after the CBN released a list of banks authorized to operate in Nigeria, which included Heritage Bank.

CBN stated that, “The Board and Management of the bank have been unable to improve the financial performance of the bank,” and this “constitutes a threat to financial stability.” The bank has continued to struggle with no reasonable prospects of recovery, making the license revocation necessary.

Heritage Bank, which began as Societe Generale Bank (Nigeria) in the 1970s, was founded by the late Dr. Olusola Saraki. With the license revocation, Heritage Bank ceases to exist.

The CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator to manage this process.

The NDIC will start the process of settling debts owed to customers and begin paying insured deposits. The verification process will commence immediately.

Here’s a detailed step-by-step guide for depositors to reclaim their money:

According to the NDIC, depositors with ‘Alternate accounts within the industry’ will receive up to N5 million per customer. This means those with other bank accounts can access up to N5 million each.

Customers of Heritage Bank with funds exceeding N5 million will be paid from dividends (profits) after the bank’s assets are realized and debts are recovered.

The NDIC will use customers’ Bank Verification Numbers (BVNs) to locate other banks and determine their account balances.

How Customers Can Retrieve Their Money

For customers without other bank accounts:

Visit the nearest Heritage Bank branch.

*Bring proof of account ownership, means of identification (driver’s license, permanent voter card, national identity card), and details of the alternative bank account for fund transfer.

*Also, provide your BVN.
After presenting these documents, the bank will verify your deposits and begin the payment process of insured money.

Online Process

Customers can also claim their money online by visiting the NDIC website:

.Visit the NDIC website and navigate to the claims page.

.Download and fill out the claim form.

.Upload all required documents.

According to the NDIC, the process of paying creditors will start after settling depositors. Debtors who have not completed loan repayments need to contact the Asset Management Department (AMD).

“Depositors are urged to continue their banking businesses without fear,” said NDIC spokesperson Bashir Nuhu.