The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of Heritage Bank Limited whose account balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed.
Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
Following its appointment, the Corporation began the payment of insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund, alongside efforts to recover debts, dispose of physical assets and realise investments of the defunct bank.
In April 2025, the NDIC declared a first liquidation dividend of ₦46.6 billion, representing 9.2 kobo per ₦1.00, which was paid on a pro-rata basis to eligible depositors with balances above the insured limit.
The newly announced second liquidation dividend of ₦24.3 billion, payable at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances, brings the cumulative liquidation dividend to 14.4 kobo per ₦1.00.
In a statement signed by Hawwau Gambo, Head, Communication & Public Affairs Department, the NDIC said the latest payout was made possible through continued recovery of debts, sale of physical assets and realisation of investments belonging to the defunct bank, in accordance with Section 72 of the NDIC Act 2023.
Payments will be credited automatically to depositors’ alternative bank accounts already captured in NDIC records using their Bank Verification Numbers (BVN). Eligible depositors who have previously received their insured deposits and the first liquidation dividend are advised to check their accounts for confirmation.
Depositors who do not have alternative bank accounts, BVNs, or who are yet to claim their insured deposits or first liquidation dividend have been advised to visit the nearest NDIC office nationwide or submit an e-claim through the Corporation’s website for prompt processing.
The NDIC clarified that liquidation dividends are paid to depositors whose balances exceed the insured limit, using proceeds from asset sales, debt recovery and investment realisation.
Payments to other creditors and shareholders will only occur after all depositors have been fully reimbursed, subject to the availability of funds.
The Corporation assured the public that the ₦24.3 billion payment represents only the second tranche of liquidation dividends, adding that further payments will be made as more assets are realised and outstanding debts recovered.
For further enquiries, please contact:
Address: Director, Claims Resolution Department, 15 Marina Street, Lagos Island, Lagos (or any NDIC Office Nationwide) Email: claimscomplaints@ndic.gov.ng
Phone: 0810 422 0807 | 0810 931 3326 | 0903 819 7064 | 0906 465 7140 | 0903 727 3810 (Weekdays, 9:00 a.m. – 5:00 p.m.)
Comment here