The Nigerian Deposit Insurance Corporation (NDIC) has commenced the payment of ₦46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank.
In a statement issued on Sunday, Hawwau Gambo, the NDIC’s Acting Head of Communication and Public Affairs, explained that the funds were realised from the sale of the bank’s assets and the recovery of outstanding debts.
“Liquidation dividends are paid to depositors of a closed bank, beyond the maximum insured limit, utilising proceeds from asset sales and debt recoveries.
Liquidation dividends may also extend to creditors and shareholders once all depositors have been fully reimbursed.
The initial dividend is paid at 9.2 kobo per Naira on a pro-rata basis to depositors with balances exceeding ₦5 million,” Gambo stated.
The NDIC began disbursing the first tranche of liquidation dividends on 25 April 2025, with further payments to follow as more assets are realised and debts recovered.
Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN) on 3 June 2024, the NDIC promptly reimbursed insured deposits of up to ₦5 million.
To facilitate a seamless process, the Corporation utilised depositors’ Bank Verification Numbers (BVNs) to identify alternate accounts and automatically credit the insured amounts.
The NDIC also relied on existing records from insured payments to process the disbursement of the first tranche of liquidation dividends.
“Depositors with balances exceeding ₦5 million who have yet to receive their liquidation dividends are advised to visit the nearest NDIC office.
Depositors without alternative bank accounts, who have not yet received their insured sums, should also visit NDIC offices or download the necessary forms from www.ndic.gov.ng.
Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends,” Gambo added.
She reaffirmed the NDIC’s commitment to the recovery of assets and the full reimbursement of all eligible depositors.
