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 the bank was closed.
This is according to a statement signed by the Head of Communication and Public Affairs Department, Hawwau Gambo.
This latest payout follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
With the new payment, eligible uninsured depositors will receive 5.2 kobo per N1 on their outstanding balances, bringing the cumulative liquidation dividend to 14.4 kobo per N1 when combined with the first tranche paid earlier.
What the Corporation is saying
According to the Corporation, it first paid insured deposits of up to N5 million per depositor from its Deposit Insurance Fund, ensuring that small depositors had prompt access to their funds despite the bank’s failure.
NDIC said that in Aprila 2025, it declared and paid a first liquidation dividend of N46.6 billion, equivalent to 9.2 kobo per N1, to depositors with balances above the insured limit, setting the stage for further recoveries as assets were realised.
Asset recovery drives fresh N24.3 billion dividend
According to the NDIC, the second liquidation dividend of N24.3 billion was made possible through sustained recovery of debts owed to the defunct bank, disposal of physical assets, and realisation of investments.
In the statement, the Corporation said the payment was effected in line with Section 72 of the NDIC Act 2023, which governs the distribution of liquidation proceeds.
The NDIC noted that these recoveries reflect ongoing efforts to maximise value from Heritage Bank’s assets, assuring depositors that the liquidation process remains active and focused on full reimbursement where possible.
Automatic payments, claims process and future tranches
The Corporation disclosed that payments will be credited automatically to eligible depositors’ alternative bank accounts already captured in NDIC records using their Bank Verification Numbers (BVN).
Depositors who have received their insured deposits and the first liquidation dividend have been advised to check their accounts for confirmation of the latest payment, while those yet to receive any payout are encouraged to regularise their status.
For depositors without alternative bank accounts or BVNs, or those who have not claimed their insured deposits or first liquidation dividend, the NDIC advised them to visit the nearest NDIC office nationwide or submit an e-claim via the Corporation’s website for prompt processing, adding that further liquidation dividends will be paid as more assets are realised and outstanding debts recovered.
What you need to know
After the Central Bank of Nigeria revoked the bank’s licence on June 3, 2024, over persistent financial weaknesses, the NDIC immediately began paying insured deposits of up to N5 million per depositor to protect small customers and stabilise confidence.
- Beyond insured payouts, the NDIC commenced asset realisation, debt recovery and disposal of investments and physical assets belonging to the defunct bank.
- These efforts were aimed at generating funds to reimburse depositors whose balances exceeded the insured limit, in line with the priority of claims under the NDIC Act 2023.
In April 2025, the Corporation declared a first liquidation dividend of N46.6 billion, followed by a second tranche of N24.3 billion, raising cumulative recovery to 14.4 kobo per N1. The NDIC has assured depositors that further dividends will be paid as more assets are recovered.
