NDIC begins payment of N46.6bn first liquidation dividends to Heritage Bank depositors
BY TEMITOPE ADEBAYO
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank with balances above the insured limit.
A liquidation dividend represents the amount paid to depositors of a closed bank, beyond the maximum insured limit, from proceeds realised through asset sales and debt recoveries. It also includes payments to creditors and shareholders after all depositors have been fully reimbursed.
Following the sale of Heritage Bank’s assets and recovery of debts owed to the bank, the NDIC declared the first tranche of liquidation dividends and began disbursing payments on Friday, April 25, 2025. Depositors with balances exceeding the insured limit of N5 million are receiving payments at a rate of 9.2 kobo per Naira on a pro-rata basis.
The move comes after the Central Bank of Nigeria (CBN) revoked Heritage Bank’s operating licence on June 3, 2024. Shortly after, the NDIC began reimbursing insured deposits of up to N5 million per depositor by crediting alternate accounts identified through Bank Verification Numbers (BVN).
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The Corporation is using the same verified records for the payment of liquidation dividends. Depositors who received their insured deposits but have yet to receive the liquidation dividend are advised to visit the nearest NDIC office or contact the Corporation through its dedicated lines.
Similarly, depositors without alternate bank accounts, who have yet to be paid the insured amount, are encouraged to visit the nearest NDIC office or complete a deposit verification form available on the Corporation’s website, www.ndic.gov.ng.
The NDIC emphasised that this is the first tranche of the liquidation dividends and assured that further payments would be made as additional assets are realised and outstanding debts recovered. The Corporation reiterated its commitment to ensuring all eligible depositors are fully reimbursed.
