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

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

To be paid are those 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 Communication and Public Affairs Department, Hawwau Gambo

Gambo noted that the new payment, eligible for uninsured depositors, will receive 5.2 kobo per ₦1 on their outstanding balances, bringing the cumulative liquidation dividend to 14.4 kobo per ₦ 1 when combined with the first tranche paid earlier.

According to the Corporation, it first paid insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund, ensuring that small depositors had prompt access to their funds despite the bank’s failure.

NDIC said that in April 2025, it declared and paid a first liquidation dividend of ₦46.6 billion, equivalent to 9.2 kobo per ₦1, to depositors with balances above the insured limit, setting the stage for further recoveries as assets were realised.

This latest payout follows the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

According to the NDIC, the second liquidation dividend of ₦24.3 billion was made possible through sustained recovery of debts owed to the defunct bank, disposal of physical assets, and realisation of investments.

The Corporation said the payment was effected in line with Section 72 of the NDIC Act 2023, which governs the distribution of liquidation proceeds.

The NDIC noted that these recoveries reflect ongoing efforts to maximise value from Heritage Bank’s assets, assuring depositors that the liquidation process remains active and focused on full reimbursement where possible.

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

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

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

It added that further liquidation dividends will be paid as more assets are realised and outstanding debts recovered.

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Following the CBN’s revocation of the bank’s license on June 3, 2024, over persistent financial weaknesses, the NDIC immediately began paying insured deposits of up to ₦5 million per depositor to protect small customers and stabilise confidence.

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

The NDIC assured depositors that further dividends will be paid as more assets are recovered.