NDIC CONFIRMS 24.3 BILLION SECOND DIVIDEND IN HERITAGE BANK LIQUIDATION PROCESS

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By: Balogun Ibrahim

The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend totalling ₦24.3 billion for depositors of the defunct Heritage Bank Limited.

The payment will cover depositors whose account balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed, according to a statement signed by the Head of the Communication and Public Affairs Department, Hawwau Gambo.

Gambo explained that under the new payout, eligible uninsured depositors will receive 5.2 kobo for every ₦1 of their outstanding balances. This brings the cumulative liquidation dividend to 14.4 kobo per ₦1 when combined with the first tranche paid earlier.

She noted that the Corporation had initially paid insured deposits of up to ₦5 million per depositor from the Deposit Insurance Fund, ensuring that small depositors had prompt access to their funds despite the bank’s collapse.

The NDIC added that in April 2025, it declared and paid a first liquidation dividend of ₦46.6 billion, representing 9.2 kobo per ₦1, to depositors with balances above the insured limit, paving the way for further recoveries as the bank’s assets continue to be realised.

The latest payout comes after the Central Bank of Nigeria (CBN) revoked Heritage Bank’s operating license on June 3, 2024, appointing the NDIC as liquidator in accordance with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

The NDIC stated that the second liquidation dividend of ₦24.3 billion was made possible through continued recovery of debts owed to the defunct bank, the sale of physical assets, and the realisation of investments.

The Corporation added that the payment was carried out in line with Section 72 of the NDIC Act 2023, which governs the distribution of liquidation proceeds.

According to the NDIC, these recoveries demonstrate ongoing efforts to maximise returns from Heritage Bank’s assets, assuring depositors that the liquidation process remains active and committed to full reimbursement wherever possible.

The NDIC disclosed that payments will be automatically credited to eligible depositors’ alternative bank accounts already linked to their Bank Verification Numbers (BVN) in the Corporation’s records.

Depositors who have received their insured deposits and the first liquidation dividend have been advised to check their accounts to confirm the latest payment, while those yet to receive any payout are encouraged to regularise their information.

For depositors without alternative bank accounts or BVNs, or those who have not claimed their insured deposits or first liquidation dividend, the NDIC advised visiting the nearest NDIC office nationwide or submitting an e-claim through the Corporation’s website for prompt processing.

The Corporation added that additional liquidation dividends will be disbursed as more assets are realised and outstanding debts recovered.

Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s license on June 3, 2024, due to persistent financial weaknesses, the NDIC promptly began paying insured deposits of up to ₦5 million per depositor to protect small customers and maintain public confidence.

In April 2025, the Corporation declared a first liquidation dividend of ₦46.6 billion, followed by a second tranche of ₦24.3 billion, bringing the cumulative recovery to 14.4 kobo per ₦1.

The NDIC assured depositors that additional dividends will be disbursed as more of the bank’s assets are recovered.