Thousands of former Heritage Bank Limited customers have received renewed hope as the Nigeria Deposit Insurance Corporation (NDIC) announces the release of ₦24.3 billion in a second liquidation dividend. The funds target depositors whose balances exceeded the statutory insured limit of ₦5 million at the time the bank’s licence was revoked.
Heritage Bank’s licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, leaving many account holders uncertain about the fate of their funds. Following the revocation, the NDIC, acting as liquidator, moved quickly to compensate insured deposits up to ₦5 million per customer, drawing on the Deposit Insurance Fund to provide immediate relief.
Brandspur Reports reveal that the second payout, calculated at 5.2 kobo per ₦1 of outstanding uninsured balances, pushes the cumulative reimbursement for affected depositors to 14.4 kobo per ₦1. The payments are sourced from proceeds of asset sales, debt recoveries, and realisation of investments linked to the defunct bank.
For depositors who received the first tranche, the NDIC has ensured automatic crediting of the new payout to their bank accounts via their Bank Verification Numbers (BVN). Customers without linked accounts or BVNs, or those yet to claim previous payments, are advised to visit NDIC offices or use the online e-claim portal to secure their entitlement.
The NDIC emphasised that liquidation dividends prioritise compensating depositors with uninsured balances ahead of other creditors and shareholders. However, the agency cautioned that the final settlement remains dependent on the continued recovery of Heritage Bank’s assets.
Analysts note that while the second payout does not fully reimburse all depositors, it represents meaningful progress in one of Nigeria’s most closely observed bank resolution processes. Brandspur Notes highlight that the move underscores the effectiveness of Nigeria’s deposit protection systems in ensuring accountability and fairness, even amid complex liquidation scenarios.
The release of ₦24.3 billion provides reassurance to former Heritage Bank customers, signalling that systemic safeguards are functioning and that further recoveries may follow as additional assets are realised.
