To ensure that depositors of the defunct Heritage Bank receive their full reimbursement, the Nigeria Deposit Insurance Corporation (NDIC) has begun paying out ₦46.6 billion as the first tranche of liquidation dividends to depositors with funds above the insured limit.
According to a statement available to BrandSpur banking and finance news desk, signed by Hawwau Gambo, Acting Head of Communication & Public Affairs, the NDIC has declared the first tranche of liquidation dividends totalling ₦46.6 billion from the proceeds of the sale of the defunct bank’s assets and the recovery of debts owed to the defunct institution.
It stated: ‘‘A liquidation dividend represents the amount paid by the Corporation to depositors of a closed bank, over the maximum insured limit, from the proceeds of sales of assets and recovery from the debtors of the failed bank, the statement explained.
‘‘It also includes amounts paid to creditors and shareholders after all depositors have been fully paid.
‘‘The payment of the first tranche of the liquidation dividends commenced on Friday, April 25, 2025. This initial dividend payment was at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of ₦5.0 million at the time of the bank’s closure,” it added.
The NDIC started returning insured savings up to N5 million per depositor after the Central Bank of Nigeria (CBN), revoked Heritage Bank’s operating licence on June 3, 2024. To guarantee a smooth and effective payment procedure, the NDIC used the depositors’ Bank Verification Number, or BVN, to find alternate account numbers of depositors in other banks and automatically credited them with the insured sum.
According to the statement, the Corporation made use of the records that were already in place for the insured amount’s payment to make it easier to distribute the first tranche of liquidation dividends. Any depositor with more than N5 million who was paid the insured amount but did not get the liquidation dividends was also instructed by the NDIC to visit the closest NDIC office or give them a call.
