The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for 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 is according to a statement signed by the Head, Communication and Public Affairs Department of NDIC, Hawwau Gambo.
Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with the provisions of the Banks and Other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 the payment of insured deposits of up to ₦5 million per depositor from the Deposit Insurance Fund, while also embarking on the disposal of the bank’s physical assets, recovery of outstanding debts, and realisation of investments.
These recovery efforts led to the declaration of a first liquidation dividend of ₦46.6 billion in April 2025, which was paid at a rate of 9.2 kobo per ₦1.00 to eligible depositors on a pro-rata basis.
The NDIC said the newly declared second liquidation dividend of ₦24.3 billion was realised from further debt recovery, asset sales and investment proceeds. The payment will be made at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances, in accordance with Section 72 of the NDIC Act 2023.
With this development, the cumulative liquidation dividend paid to depositors of Heritage Bank now stands at 14.4 kobo per ₦1.00.
The Corporation explained that payments would be made automatically to eligible depositors using existing records in its database. Depositors who had earlier received their insured deposits and the first liquidation dividend would have their alternative bank accounts credited through their Bank Verification Numbers (BVN).
However, depositors who do not have alternative bank accounts, BVNs, or who are yet to claim their insured deposits or the first liquidation dividend have been advised to visit the nearest NDIC office nationwide or complete the e-claim form available on the Corporation’s website for prompt processing.
The NDIC clarified that liquidation dividends are paid only to depositors whose balances exceed the statutory insured limit, using proceeds from asset realisation and debt recovery. Other creditors and shareholders would only be considered after all depositors have been fully reimbursed and subject to the availability of funds.
The Corporation assured the public that the payment represents only the second tranche of liquidation dividends, adding that further payments would be made as more assets are realised and outstanding obligations recovered.
For enquiries, depositors were advised to contact the Director, Claims Resolution Department, at the NDIC head office on Marina Street, Lagos, or any NDIC office nationwide.