The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend of 24.3 billion for depositors of the defunct Heritage Bank Limited. This payout is intended for depositors whose account balances exceeded the statutory insured limit of 5 million at the time the bank was closed. According to the NDIC, eligible depositors will receive 5.2 kobo per 1 on their outstanding balances, bringing the cumulative liquidation dividend to 14.4 kobo per 1 when combined with the first tranche paid earlier.
The NDIC initially paid insured deposits of up to 5 million per depositor from its Deposit Insurance Fund, ensuring that small depositors had prompt access to their funds despite the bank’s failure. In April 2025, the Corporation declared and paid a first liquidation dividend of 46.6 billion, equivalent to 9.2 kobo per 1, to depositors with balances above the insured limit. This latest payout follows the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator.
The second liquidation dividend of 24.3 billion was made possible through sustained recovery of debts owed to the defunct bank, disposal of physical assets, and realization of investments. The payment was effected in line with Section 72 of the NDIC Act 2023, which governs the distribution of liquidation proceeds. The NDIC noted that these recoveries reflect ongoing efforts to maximize value from Heritage Bank’s assets, assuring depositors that the liquidation process remains active and focused on full reimbursement where possible.
Payments will be credited automatically to eligible depositors’ alternative bank accounts already captured in NDIC records using their Bank Verification Numbers (BVN). Depositors who have received their insured deposits and the first liquidation dividend have been advised to check their accounts for confirmation of the latest payment, while those yet to receive any payout are encouraged to regularize their status. For depositors without alternative bank accounts or BVNs, or those who have not claimed their insured deposits or first liquidation dividend, the NDIC advised them to visit the nearest NDIC office nationwide or submit an e-claim via the Corporation’s website for prompt processing.
The NDIC has assured depositors that further liquidation dividends will be paid as more assets are realized and outstanding debts recovered. This development is a testament to the Corporation’s commitment to protecting depositors’ interests and maintaining stability in the financial system. With the cumulative recovery now standing at 14.4 kobo per 1, the NDIC remains focused on ensuring that depositors receive their rightful dues, thereby reinforcing confidence in the banking sector.
