Heritage Bank Liquidation: NDIC Declares Fresh ₦24.3bn Payout To Depositors Above ₦5m Limit
By Victor Idajili
The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion to depositors of the defunct Heritage Bank Limited whose account balances exceeded the statutory insured limit of ₦5 million at the time of the bank’s closure.
The latest payout follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
Following its appointment, the Corporation immediately commenced payment of insured deposits up to ₦5 million per depositor from the Deposit Insurance Fund, while also initiating asset disposal, debt recovery and the realisation of investments belonging to the failed bank.
These recovery efforts led to the declaration of a first liquidation dividend of ₦46.6 billion in April 2025, paid at the rate of 9.2 kobo per ₦1 to depositors with balances above the insured threshold.
In a statement it issued, the NDIC said the newly approved ₦24.3 billion second liquidation dividend was generated from further debt recoveries, sale of physical assets and investment realisations.
The payment will be made at 5.2 kobo per ₦1 on outstanding uninsured balances, in line with Section 72 of the NDIC Act 2023.
With the latest tranche, the total liquidation dividend paid so far to eligible Heritage Bank depositors has risen to 14.4 kobo per ₦1.
According to the Corporation, payments will be made automatically using depositors’ existing details in NDIC records.
Eligible customers who have previously received their insured deposits and the first liquidation dividend will have their alternative bank accounts credited directly through their Bank Verification Numbers (BVN).
The NDIC advised depositors to check their accounts for confirmation of payment.
However, depositors who do not have alternative bank accounts, BVNs, or who are yet to claim either their insured sum of up to ₦5 million 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 Corporation clarified that liquidation dividends are paid exclusively to depositors whose balances exceed the statutory insured limit and are sourced from asset sales, debt recovery and investment proceeds of the failed bank. Other creditors, and eventually shareholders, will only be considered after all depositors have been fully reimbursed and subject to the availability of funds.
The NDIC assured the public that the current payment represents only the second tranche, stressing that additional liquidation dividends would be declared as more assets are realised and outstanding debts recovered.
It reaffirmed its commitment to the timely recovery of all obligations and the prompt reimbursement of depositors affected by the closure of Heritage Bank.
