NDIC declares N24.3bn second liquidation dividend for Heritage Bank depositors

The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of N24.3 billion for depositors of Heritage Bank Limited whose balances exceeded the statutory insured limit of N5 million at the time the bank was shut down. The payment follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, and the subsequent appointment of the NDIC as liquidator.

NDIC said the new payout was made possible through sustained recovery of debts, disposal of the defunct bank’s physical assets and realisation of investments. The second tranche will be paid at a rate of 5.2 kobo per N1.00 on outstanding uninsured balances, in line with Section 72 of the NDIC Act 2023, bringing total liquidation dividends declared so far to 14.4 kobo per N1.00.

Following its appointment under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023, the Corporation commenced the payment of insured deposits of up to N5 million per depositor from its Deposit Insurance Fund. At the same time, it began aggressive asset recovery and debt realisation efforts to enable further reimbursement to depositors with balances above the insured threshold.

In April 2025, the NDIC had declared a first liquidation dividend of N46.6 billion, paid at 9.2 kobo per N1.00 to eligible depositors on a pro-rata basis. According to the Corporation, the latest N24.3 billion payment represents a continuation of its commitment to maximising asset recovery in order to reduce losses suffered by depositors of the failed bank.

Payments, the NDIC explained, will be made automatically to depositors’ alternative bank accounts already on record, using their Bank Verification Numbers (BVN). Eligible depositors who had previously received both the insured sum and the first liquidation dividend are advised to check their accounts for confirmation of credit.

However, depositors without alternative bank accounts or BVNs, as well as those who are yet to claim their insured deposits or the first liquidation dividend, have been urged to visit the nearest NDIC office nationwide or complete the e-claim form on the Corporation’s website for prompt processing.

The NDIC further clarified that liquidation dividends are paid only to depositors whose balances exceed the insured limit, and that other creditors and shareholders will only be considered after all depositors have been fully reimbursed, subject to the availability of funds. It assured the public that additional liquidation dividends would be declared as more assets are realised and outstanding debts recovered.

Reiterating its mandate, the Corporation said it remains committed to the timely recovery of all outstanding obligations of Heritage Bank and the prompt reimbursement of depositors, stressing that the second liquidation dividend is not the final payment. It also provided contact details for further enquiries through its Claims Resolution Department, signalling continued engagement with affected depositors as the liquidation process progresses.