NDIC Declares ₦24.3bn Second Dividend for Heritage Bank Depositors

The Nigeria Deposit Insurance Corporation has declared a second liquidation dividend of ₦24.3 billion to depositors of Heritage Bank Limited, whose balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed, reinforcing ongoing efforts to recover assets and reimburse affected customers.

Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria on June 3, 2024, after which the NDIC was appointed liquidator in line with the Banks and Other Financial Institutions Act 2020 and the NDIC Act 2023.

Following its appointment, the Corporation commenced payment of insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund, alongside aggressive recovery of debts, disposal of physical assets and realisation of investments of the defunct lender.

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These recovery efforts enabled the NDIC to declare a first liquidation dividend of ₦46.6 billion in April 2025, paid at 9.2 kobo per ₦1.00 to depositors with balances above the insured threshold. The newly announced second tranche of ₦24.3 billion will be paid at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances, bringing the cumulative liquidation dividend to 14.4 kobo per ₦1.00.

According to the Corporation, the second dividend was funded from proceeds of debt recovery, sale of physical assets and the realisation of investments. Payments will be made automatically to eligible depositors using details already captured in NDIC records, with funds credited to alternative bank accounts linked to depositors’ Bank Verification Numbers.

Depositors who are yet to receive their insured sums, the first liquidation dividend, or who lack alternative bank accounts or BVNs have been advised to visit the nearest NDIC office or complete the e-claim form on the Corporation’s website to facilitate prompt processing.

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The NDIC explained that liquidation dividends are paid to depositors of failed banks whose balances exceed the insured limit, and that other creditors and shareholders will only be considered after depositors have been fully reimbursed, subject to available funds. It added that the current payment represents only the second tranche, noting that further dividends will be declared as more assets are realised and outstanding debts recovered.

The Corporation reaffirmed its commitment to maximising recoveries and ensuring timely reimbursement of depositors as the liquidation process continues.