Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria, the Nigerian Deposit Insurance Corporation (NDIC) has assured depositors at the Heritage Bank that it was already in the process of refunding them.
During a press briefing, the Managing Director of NDIC, Bello Hassan said the corporation would not take 30 days as stipulated by law but would settle customers within one week, while also outlining the processes of repayment.
The CBN revoked the licence of Heritage on Monday, June 4, over its 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.
The CBN said Heritage Bank had failed in improving its financial performance and had no choice but to revoke its licence.
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