The Nigeria Deposit Insurance Corporation (NDIC) has started the payment of ₦46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank, whose funds exceeded the maximum insured limit of ₦5 million.
This development was announced in a statement issued on Sunday by the NDIC’s Acting Head of Communication and Public Affairs, Hawwau Gambo. According to Gambo, the payments, which began on Friday, April 25, 2025, are part of the agency’s efforts to ensure that all eligible depositors are fully reimbursed following the closure of Heritage Bank.
“In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation has declared the first tranche of liquidation dividends totaling ₦46.6bn from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution,” the NDIC said.
Explaining the nature of the payments, Gambo noted, “A liquidation dividend is paid to depositors of a closed bank, beyond the maximum insured limit, using proceeds from asset sales and debt recovery.” She further clarified that such payments may also eventually extend to creditors and shareholders after all depositors have been settled.
The NDIC disclosed that the first round of dividends is being distributed at a rate of 9.2 kobo per naira on a pro-rata basis to depositors whose account balances exceeded ₦5 million at the time of the bank’s closure.
The Central Bank of Nigeria (CBN) revoked Heritage Bank’s license on June 3, 2024, citing regulatory breaches. Shortly afterward, the NDIC promptly reimbursed depositors up to the ₦5 million insured threshold, using customers’ Bank Verification Numbers (BVNs) to locate alternate accounts in other banks.
“To ensure seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount,” the Corporation stated.
However, the NDIC urged depositors who have not received their liquidation dividend or those without alternate bank accounts to visit the nearest NDIC office or download a deposit verification form from its website.
Gambo emphasized, “Depositors with balances exceeding ₦5 million who did not receive their liquidation dividends should visit the nearest NDIC office.”
She also advised, “Depositors without alternative bank accounts, who were not paid the insured amount, should also visit NDIC offices or download forms from www.ndic.gov.ng.”
Reassuring the public, the NDIC stated, “The Corporation wishes to reassure the public that this payment represents only the first tranche of liquidation dividends. Further payments will follow as more assets of the defunct Heritage Bank are realised and outstanding debts are recovered.”
The NDIC concluded by encouraging depositors to direct any enquiries to its Claims Resolution Department, reiterating its commitment to protecting depositors and maintaining confidence in Nigeria’s banking sector.
