The Nigerian Deposit Insurance Corporation (NDIC) has disclosed that the payment of depositors in Heritage Bank will commence in one week.

The Managing Director of NDIC, Bello Hassan, disclosed this in a briefing on the liquidation of the bank in Abuja on Wednesday.

Hassan said the total bank deposits at Heritage Bank stand at N650bn while its loan portfolio stands at over N700bn, according to Channelstv.

He stated that the NDIC looks forward to ensuring the loan repayment within the next six months.

“All depositors are currently being verified for onward payment of insured benefit of five N5m while depositors with insured deposits above N5m naira will be paid upon the sale of the assets of the bank.

“The NDIC put the total depositors at the bank at N2.3m with 99 per cent of them having total balances less than five million naira.”

Thelagostimes had earlier reported that the banking licence of Heritage Bank was revoked by the Central Bank of Nigeria (CBN) on Monday.

According to the CBN, the move was under its mandate to promote a sound financial system in Nigeria, and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.