NDIC pays N46.6bn liquidation dividends to depositors of Heritage Bank

In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation (NDIC) has declared first tranche of liquidation dividends, totaling N46.6 billion from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution.

NDIC disclosed this in a statement signed by Hawwau Gambo, acting head, Communication and Public Affairs, on Sunday.

The payment of the first tranche of the liquidation dividends commenced on Friday April 25, 2025. The initial dividend payment was at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of N5.0 million as at the time of the bank’s closure.

Read also: NDIC to pay first tranche of liquidation dividends to Heritage Bank depositors in April

A liquidation dividend represents the amount paid by the Corporation to depositors of a closed bank, in excess of the maximum insured limit, from the proceeds of sales of assets and recovery from the debtors of the failed bank. It also includes amounts paid to creditors and shareholders after all depositors have been fully paid.

Following the revocation of the Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor. To ensure a seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number (BVN) to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount. Furthermore, the Corporation leveraged the existing records used in the payment of the insured amount to facilitate the disbursement of the first tranche of liquidation dividends.

“Consequently, any depositor with an amount in excess of N5.0 million who was paid insured amount but did not receive the payment the liquidation dividends should approach the nearest NDIC office or contact us on the telephone numbers below”, the statement noted.

Read also: NDIC begins liquidation dividends payment to uninsured Heritage Bank depositors

In the Meantime, depositors of the defunct banks who do not maintain alternative bank account and were not paid the insured amount, are advised to visit the nearest NDIC office or go to the claims page on the Corporation’s website, www.ndic.gov.ng to download, complete and submit deposit verification form for the payment of the insured amount and where applicable, the first tranche of their liquidation dividends.

“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 realized and outstanding debts are recovered. The NDIC remains committed to its vigorous efforts in asset recovery and ensuring all eligible depositors are reimbursed”, the statement added.