NDIC Declares ₦24.3bn Second Liquidation Dividend for Depositors

By Oluwakemi Kindness

The Nigeria Deposit Insurance Corporation (NDIC) has declared a ₦24.3 billion second liquidation dividend for depositors of Heritage Bank Limited (in liquidation) whose account balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed.

In a statement issued on Sunday, the Corporation said the second tranche was made possible through sustained recovery of debts, the sale of physical assets, and the realisation of investments belonging to the defunct bank.

According to the NDIC, the second liquidation dividend is payable to depositors with uninsured balances at a rate of 5.2 kobo per ₦1.00 on outstanding balances.

The Corporation’s Head of Communication, Hawwau Gambo, explained that the latest payment brings the total liquidation dividend paid so far to 14.4 kobo per ₦1.00, following an earlier payment of ₦46.6 billion declared in April 2025 and paid at 9.2 kobo per ₦1.00.

The NDIC stated that payments would be made automatically to eligible depositors based on existing records.

“Depositors who have already received their insured deposits of up to ₦5 million and the first liquidation dividend will have their alternative bank accounts credited automatically through their Bank Verification Numbers (BVN),” the statement said.

However, the Corporation urged depositors who are yet to receive any payment to act promptly.

“Depositors without alternative bank accounts or BVNs, or those who have not claimed their insured sums or first liquidation dividend, should visit the nearest NDIC office or complete the e-claim form on the NDIC website for immediate processing,” it adds

Clarifying the process, the NDIC noted that liquidation dividends are paid only to depositors with balances above the insured limit, using proceeds recovered from the failed bank’s assets.

The Corporation further explained that payments to other creditors and shareholders would only be considered after all depositors have been fully reimbursed, subject to the availability of funds.

The NDIC reassured the public that the current disbursement represents only the second tranche, noting that additional liquidation dividends may be declared as more assets are recovered and outstanding debts collected.

“The Corporation remains committed to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors,” the statement concluded.

Affected depositors were advised to contact the NDIC’s Claims Resolution Department or visit any NDIC office nationwide for further enquiries.

Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in accordance with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.