The Nigeria Deposits Insurance Corporation NDIC has commenced the sales of landed Properties and Chattels belonging to Heritage Bank across the country after revocation of its operating license in June 2024.

Bello Hassan, the Managing Director and Chief Executive of the Corporation, announced this at the NDIC’s special day in the ongoing 45th Kano International Trade Fair holding in Kano city, Northwest Nigeria.

He noted that, “the Corporation had since begun the payment of the insured deposits of N5 million per depositor within a record time of four days of the bank’s closure.

“This was achieved using Bank Verification Numbers (BVN) as a unique identifier to locate depositors alternate accounts in other banks without the need to fill forms or visits the NDIC offices.”

According to Hassan, having largely reimbursed the Banks’ depositors their insured deposits, the Corporation is committed to ensuring that depositors with balances exceeding N5 million are also paid the balance of their deposits.

“These uninsured deposits represent a significant portion of the total deposits in Heritage Bank.”

He noted that, “the Corporation is already working to ensure that, depositors with amounts in excess of the maximum insured amount of N5 million are paid through liquidation dividends from the realization of the defunct bank’s assets and recovery of debts.”

“The Corporation has already initiated the process of debt recovery and realization of investments and physical assets of the defunct bank to ensure timely payment to the uninsured deposits of the defunct bank.

Additionally, the NDIC’s responsibilities extend to the creditors of the defunct bank, who will receive payments after all depositors have been fully reimbursed. This orderly process, based on asset realization and priority of claims, is essential in maintaining public trust in the banking system and promoting financial system stability. “

The NDIC Boss encourage depositors of any closed bank, especially Heritage Bank, who are yet to receive their payments, to come forward with their proofs of account ownership to the corporation.

Dr. Hassan reassured depositors about the safety of their funds should in case banks runs into period of uncertainty.

“This contributes significantly to the overall stability of the financial system.” Hassan said.

Also Speaking, the President Kano Chambers of Commerce Industries Mines and Agriculture KACCIMA Garba Imam represented by Alhaji Sani Sale expressed the commitment of KACCIMA in broadening market value and expand Kano’s industrial revolution to the global market.

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to ensure efficient cash disbursement to the general public over-the-counter and through Automated Teller Machines (ATMs).

The CBN directive is coming in the midst of complaints of acute scarcity of cash by bank customers across the country.

Most banks have failed or refused to load their ATMs with cash while they are also rationing out payments over the counter.

As a result, most Nigerians are now relying on POS operators for their cash needs.

In response, the POS operators have also jacked up their commission by between 50 and 100 per cent across the country.

The POS operators claimed that they have had to jack up their commission because of the high rates they are also getting the cash supplies from various sources, including traders and filling station operators.

However, in a directive contained in a statement jointly signed by CBN’s Acting Director, Currency Operations, Muhammed Olayemi, and Acting Director, Branch Operations, Aisha Isa-Olatinwo on Wednesday, CBN directs banks to take measures to tackle the cash scarcity challenge.

The apex bank also urged members of the public who are unable to obtain cash, either over-the-counter or through ATMs to report such instances using designated reporting channels and formats.

“This will assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.

“For DMB branches and ATM locations not dispensing cash, members of the public affected are to provide the relevant details,” it said.

It said that the required details should include account name, name of the DMB, amount, time, and date of incident.

It urged aggrieved bank customers to use dedicated phone numbers of the CBN branche in the state where the incident occurred or through to designated email addresses.

The Alternative Bank (a member of the Sterling Financial Services Holding Company) proudly unveils the next level of premium banking services with the AltElite product suite and Gold Card offering.

This innovation redefines luxury, personalization, and convenience in financial services, empowering customers to achieve their goals with unmatched liquidity and flexibility.

Mohammed Yunusa, Director, Digital Products & Innovation at The Alternative Bank, shared his enthusiasm about the product: “We have reimagined AltElite with a focus on personalization and accessibility. With features like interest-free liquidity solutions and bespoke investment opportunities, this ensures our customers experience the future of banking today.”

The Gold Card, a symbol of prestige and privilege, complements AltElite with advanced spending power, personalized rewards, and global acceptance. It also offers. exclusive travel perks, enhanced purchase protection, and access to premium services, ensuring that every moment of the customer experience is elevated.

Chidinma Akanle, Group Head of Private Banking & Wealth Management, elaborated: “The Gold Card is more than a financial tool; it is a gateway to a sophisticated lifestyle. With access to over 1,200 airport lounges, enhanced spending power, and bespoke rewards, it has been meticulously designed to complement the ambitions and lifestyle of our esteemed clientele, elevating their experiences in every aspect.”