Nigeria Deposit Insurance Corporation
(NDIC) has begun the payment of N46.6 billion from liquidation dividends to depositors of Heritage Bank.
Gatekeepers News reports that Hawwau Gambo, acting head of communication and public affairs at NDIC, announced this in a statement on Sunday.
Gambo noted that the funds were realised from sale of the defunct bank’s assets and recovery of debts owed to the institution.
She clarified that a liquidation dividend is paid to depositors of a closed bank, beyond the maximum insured limit, using proceeds from asset sales and debt recoveries.
The corporation’s spokesperson added that after all depositors have been fully reimbursed, creditors and shareholders may also benefit from the liquidation proceeds.
Gambo noted that the first tranche of liquidation dividends began on April 25, with payments made at a rate of 9.2 kobo per naira on a pro-rata basis for depositors with balances exceeding N5 million.
She added, “Depositors with balances exceeding N5 million who did not receive their liquidation dividends should visit the nearest NDIC office.”
The spokesperson urged depositors without alternative bank accounts, who did not receive their insured amounts, to visit NDIC offices or download the necessary forms from the agency’s website.
She added, “Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends.”
Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly reimbursed insured deposits of up to N5 million. The agency utilized bank verification numbers (BVN) to locate alternate accounts and automatically credit depositors.
Gambo noted that additional payments would be made as more assets from the defunct bank are recovered and realised.
