- The Nigeria Deposit Insurance Corporation (NDIC) has begun paying N46.6 billion to Heritage Bank depositors with balances above N5 million
- Payments are made at a rate of 9.2 kobo per Naira on a pro-rata basis from recovered bank assets and debts
- NDIC assures that more payments will follow as additional assets are liquidated and debts are recovered
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of N46.6 billion as the first tranche of liquidation dividends to depositors of the now-defunct Heritage Bank whose balances exceeded the insured limit of N5 million.
This was disclosed in a statement released on Sunday, April 27, by the NDIC’s acting Head of Communication and Public Affairs, Hawwau Gambo.
According to the Corporation, the payment exercise began on Friday, April 25, 2025. It aims to ensure that all eligible depositors of Heritage Bank receive reimbursement beyond the maximum insured amount.
“In its continued commitment to safeguarding depositors’ funds, the NDIC has declared the first tranche of liquidation dividends totaling N46.6 billion. These funds were recovered from the sale of the bank’s assets and the recovery of outstanding debts owed to the defunct institution,” the statement read.
The NDIC explained that liquidation dividends are payments made to depositors from the proceeds realised after a bank’s closure, and may eventually extend to creditors and shareholders once all depositors are fully reimbursed.
For the initial payout, the NDIC stated that it disbursed the dividends "at the rate of 9.2 kobo per Naira on a pro-rata basis" to depositors with balances exceeding N5 million at the time the bank's licence was revoked.
Recall that the Central Bank of Nigeria (CBN) revoked Heritage Bank’s operating licence on June 3, 2024, citing regulatory infractions.
In response, the NDIC swiftly reimbursed depositors up to the insured limit of N5 million through an automatic crediting process, using the depositors' Bank Verification Numbers (BVN) to locate alternate bank accounts.
The Corporation further clarified that the verified records used during the insured deposit payout phase were instrumental in facilitating this liquidation dividend distribution.
Depositors who are yet to receive their first tranche payments, despite having balances above N5 million, were advised to approach the nearest NDIC office or contact the Corporation through designated telephone numbers.
Additionally, depositors without alternate bank accounts, and who have not received even their insured deposits, are urged to visit an NDIC office or download and complete a deposit verification form from the NDIC website for processing.
Reaffirming its commitment to depositor protection, the NDIC assured that this disbursement is only the beginning.
"Further payments will be made as more assets are sold and additional debts recovered," it said.
The Corporation encouraged the public to direct all enquiries to the Claims Resolution Department and reiterated its dedication to strengthening public confidence in Nigeria’s banking system.
NDIC to pay 1st tranche of liquidation dividends to defunct Heritage Bank depositors
Meanwhile, TheRadar earlier reported that the Nigeria Deposit Insurance Corporation (NDIC) said it planned to pay the first tranche of liquidation dividends to depositors of the defunct Heritage Bank in April.
The Managing Director/Chief Executive Officer (MD/CEO) of NDIC, Bello Hassan, disclosed this on Wednesday, April 9, during the NDIC’s Special Day at the ongoing 36th Enugu International Trade Fair, where he was represented by the South-East Zonal Coordinator and Assistant Director, Mrs Pamela Robert