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HomeNewsHeritage Bank's Customers To Get N5m Each As CBN Revokes Licence

Heritage Bank’s Customers To Get N5m Each As CBN Revokes Licence

Felicia Udeji Reporting

Heritage Bank Plc’s license has been terminated with immediate effect, according to a recent announcement from the Central Bank of Nigeria (CBN).

The apex bank said that the decision was triggered by the violation of Heritage Bank’s Section 12 (1) of BOFIA 2020.

The next step for customers of the bank who have expressed worry concerning their funds has been highlighted.

The CBN recently announced that it revoked Heritage Bank Plc’s license effective immediately.

Meanwhile, Nigerians have already begun to experience difficulty in opening their apps and withdrawing money from the ATM.

The stated purpose of this decision was to uphold a sound and steady financial system, in accordance with Section 12 of the 2020 Banks and Other Financial Institutions Act (BOFIA).

Heritage Bank’s violation of Section 12 (1) of BOFIA 2020 led to the revocation, according to a statement signed by Hakama Sidi Ali, Acting Director, Corporate Communications.

This has raised concerns for customers of the bank who fear that their monies would be inaccessible.

A comprehensive report by financial analysts said “when your bank’s license is revoked, the following occurs to customers fund:

“Eligible depositors of the closed banks would be expeditiously notified by the Nigeria Deposit Insurance Corporation (NDIC) of the insured funds, after their eligibility has been confirmed on the bank’s premises.

“The insured limit for deposits made at any insured Deposit Money Bank (DMB), such as Heritage, is a maximum of N5,000,000 for each depositor.

“This means that if a bank were to become insolvent or close by the Central Bank of Nigeria (CBN), you would receive N5 million back into your account.

“Depositors would then need to obtain the necessary documentation in order to enable the verification and payment of their insured deposits, which would include proof of account ownership, valid identification, and an alternative bank account.

“If a husband and wife, or any two or more individuals, have a joint account in the same covered bank in addition to their individual accounts, then each of the individually owned accounts and the joint account are protected separately up to the insured maximum sum, ” analyst said.



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