Nigeria, March 30 -- Depositors at the defunct Heritage Bank with balances exceeding the N5 million insurance cap are set to begin receiving partial refunds in April, according to the Nigeria Deposit Insurance Corporation (NDIC).

The development follows months of uncertainty for customers who held significant balances at the lender before its abrupt closure.

The Central Bank of Nigeria (CBN) revoked Heritage Bank's banking licence on 3 June 2024, citing concerns about the bank's financial condition. The NDIC was appointed as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1 & 2) of the NDIC Act 2023.

In a Sunday statement signed by its Acting Head of Communication and ...