The Nigerian Deposit Insurance Corporation (NDIC), as addressed the reasons why Heritage Bank Customer’s aren’t payed yet.

The corporation says account names mismatches the Bank Verification Numbers BVN) linked to the alternate accounts of some extinct Heritage Bank customers are delaying the payment of their insured deposits.

The Managing Director of NDIC, Mr Hello Hassan, told this to News Agency of Nigeria (NAN) on Sunday in Abuja.

He said the corporation had paid some amount to depositors of the extinct bank without BVN account-linked issues.

He beckoned on depositors of the bank who were yet to receive their deposit credit alert to visit the NDIC’s website and complete their verification forms for their payment.

The director also said the verification would also include depositors without BVN alternate account.

He said; ”We have already commenced the payment of customers since June 6.

”We have paid a substantial amount to the customers.What we leverage in making the payment is the BVN of customers. We trace alternate accounts in other banks and pay them their insured amounts.

”There are some that we have challenges linking up because of some discrepancies between the names and others. We are calling on customers that have not received their alerts in their alternate accounts to come forward and complete their verification forms so that we can pay them,”

Depositors with more than five million naira with the bank, Hassan said they would be paid liquidation dividends.

According to him; “NDIC has already commenced the process of disposing of the physical buildings and also set to make sure that we recover the loans and advances that were granted to the bank.

”That is what we use in paying those liquidation dividends.vWe are not going to wait until we recover everything, no. As we recover, we will also advertise to say that we will pay liquidation dividends so that concerned depositors will be on the lookout for alerts in their accounts,”

On the 3rd of June, CBN revoked the licence of Heritage Bank Plc. According to CBN, the decision was made due to the bank’s failure to improve it’s financial performance, which pose a threat to financial stability of their customers.