The Nigeria Deposit Insurance Corporation (NDIC) has announced the recovery of an additional N24.3 billion from the assets of the defunct Heritage Bank Limited. This amount will be used to facilitate the repayment of depositors with balances exceeding N5 million at the time the bank’s license was revoked. The Central Bank of Nigeria had revoked Heritage Bank’s operating license on June 3, 2024, and appointed the NDIC as liquidator.
According to the NDIC, the recovered funds were derived from debt recovery, the sale of physical assets, and the realization of investments. The funds will be applied to the payment of uninsured balances belonging to depositors with amounts above the N5 million insured limit. A second liquidation dividend is payable at a rate of 5.2 kobo per N1.00 on outstanding balances, bringing the cumulative liquidation dividend declared to date to 14.4 kobo per N1.00.
The NDIC had earlier declared a first liquidation dividend of N46.6 billion in April 2025, paid at a rate of 9.2 kobo per N1.00 on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of N5 million as at the date of the bank’s closure. Eligible depositors who previously received the insured sum and the first tranche of liquidation dividends will have their alternative bank accounts automatically credited using their Bank Verification Numbers.
Depositors without alternative bank accounts or BVNs, or those who have not claimed their insured sum of up to N5 million or the first liquidation dividend, are advised to visit the nearest NDIC office or complete the e-claim form available on the NDIC website for prompt processing. The NDIC has assured the public that the payment represents only the second liquidation dividend, with additional payments to be made subject to the realization of assets and the recovery of outstanding debts.
The corporation remains committed to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors. The recovery of these funds is a significant step towards ensuring that depositors receive their rightful payments, and the NDIC’s efforts are aimed at maintaining stability in the banking sector. As the process of liquidating the defunct bank’s assets continues, the NDIC will provide updates on the recovery and payment of deposits to affected depositors.
