The Nigeria Deposit Insurance Corporation has commenced the payment of N46.6bn in liquidation dividends to depositors of the defunct Heritage Bank Plc.
The Acting Head of Communication and Public Affairs, NDIC, Hawwau Gambo, disclosed this in a statement issued on Sunday and.de available to PLATFORM TIMES.
According to her, the funds for the payments were realised from the sale of the bank’s assets and the recovery of outstanding debts.
She explained that a liquidation dividend represents payments made to depositors of a closed bank, beyond the maximum insured limit, from proceeds of asset sales and debt recoveries.
Gambo added that once all depositors have been fully reimbursed, any remaining funds could be applied towards settling claims by creditors and shareholders.
The payment of the first tranche of liquidation dividends began on Friday, April 25, 2025.
Gambo stated that depositors with balances exceeding N5m would receive an initial dividend of 9.2 kobo per Naira on a pro-rata basis.
She assured that further payments would be made as more assets are recovered.
Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria on June 3, 2024, NDIC had reimbursed insured depositors up to the maximum limit of N5m.
To facilitate the payment process, Gambo said the Corporation leveraged depositors’ Bank Verification Numbers to locate alternate accounts and automatically credit insured sums.
She noted that the current liquidation dividend disbursement is also based on existing records used for the insured deposit payments.
“Depositors with balances exceeding N5 million who have not received their liquidation dividends are advised to visit the nearest NDIC office,” she said.
Gambo added that depositors without alternative bank accounts, who were yet to be paid their insured deposits, should also visit NDIC offices or download and complete verification forms available on the Corporation’s website.
She reiterated NDIC’s commitment to recovering more assets to ensure full reimbursement of all eligible depositors.
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