NDIC announces N46.6bn payout to defunct Heritage Bank depositors

In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation (NDIC) has declared the first tranche of liquidation dividends, totalling ₦46.6 billion, from the proceeds of asset sales and the recovery of debts owed to the defunct institution.

A liquidation dividend represents the amount paid by the Corporation to depositors of a closed bank, in excess of the maximum insured limit, from the proceeds of asset sales and recoveries from the debtors of the failed bank.

It also includes amounts paid to creditors and shareholders after all depositors have been fully reimbursed.

Hawwau Gambo, Acting Head of Communication & Public Affairs, stated in a press release on Sunday that the payment of the first tranche of liquidation dividends commenced on Friday, 25 April 2025.

She explained that this initial dividend payment was made at a rate of 9.2 kobo per naira, on a pro-rata basis, to depositors whose account balances exceeded NDIC’s maximum insured limit of ₦5.0 million at the time of the bank’s closure.

Following the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on 3 June 2024, the NDIC promptly began reimbursing insured deposits of up to ₦5 million per depositor.

To ensure a seamless and efficient payment process, the NDIC used depositors’ Bank Verification Numbers (BVN) to identify alternative account numbers in other banks and automatically credited them with the insured amount.

Furthermore, the Corporation leveraged existing records used for the payment of insured amounts to facilitate the disbursement of the first tranche of liquidation dividends.

Consequently, the NDIC stated that any depositor with an amount exceeding ₦5.0 million, who was paid the insured amount but did not receive the liquidation dividend, should visit the nearest NDIC office or contact the Corporation via the telephone numbers provided.

“In the meantime, depositors of the defunct bank who do not maintain an alternative bank account and have not received the insured amount are advised to visit the nearest NDIC office or go to the claims page on the Corporation’s website, www.ndic.gov.ng, to download, complete, and submit a deposit verification form for payment of the insured amount and, where applicable, the first tranche of their liquidation dividends,” the NDIC stated.

The Corporation reassured the public that this payment represents only the first tranche of liquidation dividends and that further payments will follow as more assets of the defunct Heritage Bank are realised and outstanding debts recovered.

The NDIC reiterated its commitment to vigorous efforts in asset recovery and ensuring that all eligible depositors are reimbursed.

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