NDIC Disburses N46.6bn Liquidation Dividends to Depositors of Defunct Heritage Bank

James Emejo in Abuja

The Nigeria Deposit Insurance Corporation (NDIC) yesterday said it has disbursed a total of ₦46.6 billion to depositors of the defunct Heritage Bank.

The amount represented the first tranche of liquidation dividends from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution.

In a statement, NDIC acting Head, Communication and Public Affairs, Hawwau Gambo, said the payments reaffirmed the corporation’s continued commitment to ensuring that depositors of the defunct financial institution are fully reimbursed.

Essentially, a liquidation dividend represents amount paid by the corporation to depositors of a closed bank, in excess of the maximum insured limit, from the proceeds of sales of assets and recovery from the debtors of the failed bank.

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

However, NDIC clarified that the payment of the first tranche of the liquidation dividends commenced on Friday April 25, 2025.

Gambo said, “This initial dividend payment was at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of N5.0 million as at the time of the bank’s closure.”

Following the revocation of the Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor.

To ensure seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number (BVN) to locate alternate account number of depositors in other banks and automatically credited them with the insured amount.

Furthermore, the corporation leveraged the existing records used in the payment of the insured amount to facilitate the disbursement of first tranche of liquidation dividends.

Consequently, any depositor with amount in excess of N5.0 million who was paid insured amount but did not receive the payment the liquidation dividends should approach the nearest NDIC office or contact us on the telephone numbers below.

Meanwhile, depositors of the defunct banks who do not maintain alternative bank account and were not paid the insured amount, are advised to visit the nearest NDIC office or go to the claims page on the corporation’s website to download, complete and submit deposit verification form for the payment of the insured amount and where applicable, the first tranche of their liquidation dividends.

The corporation wishes to reassure public that this payment represents only the first tranche of liquidation dividends.

The statement added that further payments will follow as more assets of the defunct Heritage Bank are realised and outstanding debts are recovered. The NDIC remains committed to its vigorous efforts in assets recovery and ensuring all eligible depositors are reimbursed.