Citing the steady progress of recoveries and depositor reimbursements, the MD outlined the Corporation's role in stabilising Nigeria's banking system over the past quarter.
The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, used his address at the Corporation’s quarterly press briefing to restate the NDIC’s role as a stabilising force in Nigeria’s banking system, citing the continued progress of the Heritage Bank resolution as evidence of the framework’s effectiveness.
The MD noted that deposit outflows at commercial banks in the three months following the Heritage Bank closure had been well below historical precedents for similar events, attributing this to the speed and transparency of the NDIC’s response.
Key Metrics
The MD shared updated metrics: 94% of insured depositors had received full payment, and asset recovery from the liquidation was tracking at 62% of the projected realisation value. He confirmed that the first dividend payment to uninsured creditors was on schedule for release in Q2 of the following year, contingent on the sale of Heritage Bank’s major real estate assets.