The Nigeria Deposit Insurance Corporation has said it will begin the payment of the first tranche of liquidation dividends to depositors of the defunct Heritage Bank before the end of April 2025.
This comes after the Central Bank of Nigeria revoked the bank’s operating licence on June 3, 2024.
The NDIC Managing Director, Bello Hassan, made this known on Wednesday during the corporation’s special day at the 36th Enugu International Trade Fair.
Hassan, who was represented by the NDIC South-East Zonal Coordinator, Pamela Robert, said the corporation had made progress in disposing of the bank’s assets and recovering debts.
“We have commenced preparations to pay the first tranche of liquidation dividends this month – April, 2025,” Hassan said.
He added that the NDIC had already paid insured deposits of up to N5m per depositor within four days of the bank’s closure.
Hassan urged depositors who are yet to receive payment to provide the necessary documentation, including Bank Verification Numbers and alternate account numbers.
“I therefore urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the account,” he said.
He assured that the NDIC has the capacity to pay all depositors in full, as asset recoveries continue, citing similar efforts in previously failed banks.
The corporation said its commitment to safeguarding depositors’ funds and ensuring smooth resolution of failed banks is part of its broader mandate to maintain financial system stability and public confidence in the banking sector.
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