NDIC Announces ₦24.3bn Second Liquidation Dividend For Heritage Bank Depositors

By Godson Ikoro

The Nigeria Deposit Insurance Corporation (NDIC) has announced the second liquidation dividend of ₦24.3 billion to depositors of Heritage Bank Limited whose account balances exceeded the statutory insured limit of ₦5 million at the bank’s closure.

This was disclosed in a statement signed by Hawwau Gambo, Head, Communication & Public Affairs Department, NDIC, on behalf of Heritage Bank (In Liquidation).

According to the statement, the declaration was sequel to the revocation of Heritage Bank’s banking licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 and 2) of the NDIC Act 2023.

The NDIC management explained that upon its appointment, it commenced the verification and payment of insured deposits of up to ₦5 million per depositor from the Deposit Insurance Fund, while at the same time undertaking the disposal of the bank’s physical assets, recovery of outstanding debts and realisation of investments.

These efforts culminated in the declaration and payment of a first liquidation dividend of ₦46.6 billion in April 2025, representing 9.2 kobo per ₦1.00, which was paid on a pro-rata basis to depositors with balances above the insured limit.

The Corporation pointed out that continued asset recovery has now made it possible to declare a second liquidation dividend of ₦24.3 billion. The amount, generated from debt recoveries, asset sales and investment realisation, will be deployed to the payment of uninsured portions of depositors’ funds at a rate of 5.2 kobo per ₦1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023.

With this development, the cumulative liquidation dividend so far paid to eligible depositors of Heritage Bank now stands at 14.4 kobo per ₦1.00.

The corporation stated that payments would be made using depositors’ existing details in its records. Eligible depositors who had earlier received the insured sum and the first tranche of liquidation dividends would have their alternative bank accounts credited automatically through their Bank Verification Numbers (BVNs).
However,depositors were advised to check their accounts for confirmation.

But, depositors without alternative bank accounts or BVNs, as well as those who are yet to claim their insured deposits or the first liquidation dividend, were urged to visit the nearest NDIC office nationwide or complete the e-claim form on the Corporation’s website for prompt processing.
The statement further clarified that liquidation dividends are payments made to depositors of a closed bank whose balances exceed the insured limit, using proceeds from asset sales, debt recovery and investment realisation.

Additionally , it said that only after all depositors have been fully reimbursed would payments be considered for other creditors and, subsequently, shareholders, subject to the availability of funds.

The NDIC assured the public that the current payment represents only the second liquidation dividend and that additional payments would be made as more assets are realised and outstanding debts recovered.

The Corporation re-iterated that its commitment to the timely recovery of assets and the prompt reimbursement of depositors.

For further enquiries, affected depositors were advised to contact the NDIC’s Claims Resolution Department at its Lagos office or any NDIC office nationwide, or through the Corporation’s dedicated email and telephone lines during official working hours.