The Nigeria Deposit Insurance Corporation has announced plans to disburse N24.3 billion as a second tranche of liquidation dividends to depositors of the defunct Heritage Bank whose account balances exceeded the insured limit of N5 million.
The payment follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria on June 3, 2024, a move that threw thousands of depositors and shareholders into uncertainty over the recovery of their funds.
In a statement issued on Sunday, the NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, said the latest payment was part of ongoing efforts to settle claims arising from the bank’s closure.
She explained that the funds were generated from debt recoveries, sale of physical assets and the realisation of the bank’s investments, adding that the payment would be applied to uninsured deposits.
“It is in continuation of the liquidation process that the NDIC has declared a second liquidation dividend of ₦24.3 billion,” Gambo said.
According to her, the payment will be made at a rate of 5.2 kobo per naira on outstanding balances, in line with Section 72 of the NDIC Act, 2023.
She added that the new tranche brings the total liquidation dividend paid so far to 14.4 kobo per naira, following an earlier disbursement of ₦46.6 billion made in April 2025.
The NDIC spokesperson noted that eligible depositors who had already received their insured sums and the first tranche of liquidation dividends would have their alternative bank accounts credited automatically through their Bank Verification Numbers.
“Payments will be effected using depositors’ details already available in the NDIC’s records,” she said, advising beneficiaries to check their accounts for confirmation.
Gambo further urged depositors who are yet to receive any payment—either due to lack of BVN, absence of an alternative bank account, or failure to claim their insured sum—to visit the nearest NDIC office or complete the agency’s e-claim form.
She clarified that liquidation dividends represent payments made to depositors of a closed bank whose balances exceed the statutory insured limit, using proceeds from asset sales and recoveries.
The NDIC also disclosed that other creditors and shareholders would only be considered for settlement after all depositors had been fully reimbursed, and only if sufficient funds remain.
Recall that the corporation disclosed in September 2024 that about 84 per cent of Heritage Bank depositors with BVN-linked accounts had been paid, underscoring gradual progress in the liquidation process.
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