The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, targeting those with account balances above the insured limit of N5 million.
In a statement issued on Sunday, the NDIC said the payment began on Friday, April 25, 2025, following the recovery of proceeds from the sale of Heritage Bank’s assets and outstanding loans.
The Corporation noted that the payment represents a major step in its ongoing commitment to fully reimburse all depositors affected by the bank’s collapse.
“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,” the statement signed by Hawwau Gambo, Acting Head of Communication and Public Affairs, read.
Liquidation dividends, according to the NDIC, are payments made to depositors in excess of the insured limit of N5 million, sourced from asset sales and loan recoveries of failed banks. The Corporation disclosed that the initial dividend payment was calculated at 9.2 kobo per Naira on a pro-rata basis for each depositor with funds exceeding the insured threshold at the time of Heritage Bank’s closure.
First tranche targets depositors identified through the BVN system
The NDIC explained that it leveraged the Bank Verification Number (BVN) database to identify and credit alternate accounts held by depositors across other financial institutions, ensuring a seamless disbursement process. Depositors who have yet to receive their liquidation dividend, despite receiving their insured deposits, were urged to visit any NDIC office or contact the Claims Resolution Department via published telephone lines for assistance.
“For those depositors who do not maintain alternative bank accounts and were not paid the insured amount, they are advised to visit the nearest NDIC office or go to the claims page on the Corporation’s website to download, complete, and submit deposit verification form,” the statement added.
The Corporation also reiterated that the current payment represents only the first tranche of liquidation dividends. It assured the public that further payments would follow as additional recoveries are made from Heritage Bank’s assets and loan portfolio.
What you should know
Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC had initially reimbursed depositors up to the insured limit of N5 million per depositor.
The Commission earlier said that the first tranche of liquidation dividends for uninsured depositors of the defunct Heritage Bank would be paid in April 2025. The rollout of the liquidation dividend marks a continued effort to ensure full settlement of all legitimate claims.
The NDIC stated that it remains committed to its statutory mandate of deposit guarantee and financial system stability, pledging to sustain its recovery efforts to enable further payments in subsequent tranches.
