NDIC Pays ₦24.3bn Second Dividend to Heritage Bank Depositors
By Patience Ikpeme
The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited, marking another step in the ongoing reimbursement of customers whose funds exceeded the statutory insured limit.
The Corporation said the ₦24.3 billion was generated from the recovery of debts, sale of physical assets and the realisation of investments belonging to the closed bank. The funds will be applied to the payment of uninsured balances for depositors whose account holdings were above the ₦5 million insurance threshold.
According to the NDIC, the second liquidation dividend is payable at a rate of 5.2 kobo per ₦1.00 on outstanding balances, in line with Section 72 of the NDIC Act 2023. With this latest payment, the cumulative liquidation dividend declared so far has risen to 14.4 kobo per ₦1.00.
The Corporation explained that payments would be made using depositors’ existing details already captured in its records. Eligible depositors who had earlier received the insured sum of up to ₦5 million, as well as the first tranche of liquidation dividends, will have their alternative bank accounts credited automatically through their Bank Verification Numbers. The NDIC advised depositors to monitor their accounts to confirm receipt of the funds.
For depositors who do not have alternative bank accounts or BVNs, or those who are yet to claim their insured deposits or the first liquidation dividend, the Corporation urged them to visit the nearest NDIC office or complete the e-claim form on its website for prompt processing.
Heritage Bank Limited was shut down on June 3, 2024, after the Central Bank of Nigeria appointed the NDIC as liquidator in line with the provisions of the Banks and Other Financial Institutions Act 2020 and the NDIC Act 2023. Following its appointment, the Corporation commenced the processing of claims and payment of insured deposits from its Deposit Insurance Fund.
The NDIC said it immediately began the disposal of the bank’s physical assets, recovery of outstanding debts and realisation of investments to generate funds for the settlement of depositors’ claims. These efforts led to the declaration of the first liquidation dividend of ₦46.6 billion in April 2025, which was paid at a rate of 9.2 kobo per ₦1.00 on a pro-rata basis to depositors with balances above the insured limit.
The Corporation noted that recovery efforts have continued since then, resulting in the current second tranche of liquidation dividends. It clarified that liquidation dividends represent payments made to depositors of a closed bank whose balances exceed the insured threshold, using proceeds from asset sales, investment realisation and debt recovery.
The NDIC further explained that payments to other creditors would only commence after all depositors have been fully reimbursed, while shareholders would be considered last, subject to the availability of funds.
Assuring the public, the Corporation said the ₦24.3 billion payment represents only the second liquidation dividend and that additional payments would be made as more assets are realised and outstanding debts recovered. It added that it remains committed to the timely recovery of obligations owed to the failed bank and the prompt reimbursement of all eligible depositors.
