The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank Limited whose account balances exceeded the statutory insured limit of N5 million at the time of the bank’s closure.
Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55 (1 and 2) of the NDIC Act 2023.
Following its appointment, the NDIC commenced the immediate payment of insured deposits up to the statutory limit from the Deposit Insurance Fund, while also embarking on debt recovery, investment realisation, and the disposal of the bank’s physical assets.
According to the Corporation, these efforts earlier enabled the payment of a first liquidation dividend in April 2025 amounting to N46.6 billion, representing 9.2 kobo per N1.00 on a pro-rata basis to depositors with uninsured balances.
Building on continued asset recovery, the NDIC said the newly declared second dividend of N24.3 billion was generated from proceeds of debt recovery, asset sales, and investment realisation. The payment will be made at a rate of 5.2 kobo per N1.00 on outstanding uninsured balances, bringing the cumulative liquidation dividend paid to depositors to 14.4 kobo per N1.00.
The Corporation explained that payments will be made automatically to eligible depositors whose bank accounts are linked to their Bank Verification Numbers (BVNs). Depositors who have already received their insured sums and the first dividend are advised to check their alternative bank accounts for confirmation of credit alerts.
However, depositors without alternative bank accounts, those with missing BVNs, or those yet to claim their insured deposits or first dividend have been urged to visit the nearest NDIC office or complete the e-claim form on the NDIC website to facilitate prompt processing.
The NDIC further clarified that a liquidation dividend refers to payments made to depositors of a closed bank whose balances exceed the insured limit, using proceeds from asset disposal, investment realisation, and debt recovery. Other creditors and shareholders are only paid after depositors have been fully reimbursed and sufficient funds remain.
Reaffirming its mandate, the Corporation stated that additional liquidation dividends would be declared as more assets are realised and outstanding debts recovered, stressing its commitment to the timely reimbursement of depositors.
With the latest payout, affected Heritage Bank depositors have expressed optimism about recovering a significant portion of their uninsured funds, reinforcing confidence in the NDIC’s role as a key pillar of depositor protection in Nigeria’s banking sector.
