The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of N24.3 billion to depositors of Heritage Bank Limited, whose account balances exceeded the statutory insured limit of N5 million at the time the bank was closed.
The payment 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 under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
In a statement yesterday, the Corporation said the second liquidation dividend would be paid at a rate of 5.2 kobo per N1 on outstanding uninsured balances, in line with Section 72 of the NDIC Act 2023.
The new payout brings the total liquidation dividends declared so far to 14.4 kobo per N1, following the N46.6 billion first liquidation dividend paid in April 2025 at 9.2 kobo per N1.
NDIC explained that the latest dividend was made possible through the sustained recovery of debts, disposal of physical assets, and realisation of investments belonging to the defunct bank.
“Payments will be made automatically to eligible depositors using details already captured in NDIC records,” the Corporation said.
It added that depositors who previously received their insured deposits and the first dividend would have their alternative bank accounts credited via their Bank Verification Numbers (BVN).
The Corporation advised depositors without alternative bank accounts, BVNs or those yet to claim their insured deposits or first dividend to visit any NDIC office nationwide or complete the e-claim form on its website for prompt processing.
The NDIC clarified that liquidation dividends are paid exclusively to depositors whose balances exceed the insured limit, and that other creditors and shareholders would only be considered after all depositors have been fully reimbursed, subject to asset recovery.
The Corporation assured the public that the payment represents only the second tranche, stressing that further liquidation dividends would be declared as more assets are realised and outstanding debts recovered.
