The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of ₦46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank.
In a statement issued on Sunday, the NDIC’s Acting Head of Communication and Public Affairs, Hawwawu Gambo, explained that the funds were realized through the sale of the bank’s assets and the recovery of debts owed to it.
Gambo clarified that liquidation dividends are payments made to depositors of a closed bank beyond the maximum insured deposit limit, using proceeds from asset sales and recoveries. Once all depositors are fully paid, remaining funds may be used to settle creditors and shareholders.
The NDIC began the payment of the first tranche of the liquidation dividend on April 25, 2025, with an initial payout of 9.2 kobo per naira on a pro-rata basis to depositors with account balances exceeding ₦5 million.
She emphasized that further payments will be made as additional assets are realized and outstanding debts are recovered.
Following the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC had immediately reimbursed insured depositors up to the maximum limit of ₦5 million.
To ensure a seamless process, the NDIC utilized depositors' Bank Verification Numbers (BVN) to locate alternate bank accounts and credit insured sums automatically. The current liquidation dividend payments also leveraged existing payment records.
Depositors who have balances above ₦5 million and have not received their dividends are advised to visit the nearest NDIC office.
Likewise, depositors without alternative bank accounts, who did not receive their insured amounts earlier, are directed to visit NDIC offices or download verification forms from www.ndic.gov.ng.
Depositors must complete and submit a deposit verification form to be eligible for both the insured amounts and the liquidation dividends.
Gambo reiterated NDIC’s commitment to recovering more assets and ensuring all eligible depositors are fully reimbursed.
— NAN
