Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank whose account balances are above the insured limit of N5 million.
Gatekeepers News reports that Heritage Bank lost its operating licence on June 3, 2024, after the Central Bank of Nigeria withdrew its approval, leaving many customers seeking clarity on how their funds would be recovered.
By September 2024, NDIC disclosed that 84 percent of depositors with BVN-linked accounts had received their insured funds. In April 2025, the corporation also began the payment of N46.6 billion as the first liquidation dividend to affected depositors.
In a statement on Sunday, Hawwau Gambo, head of the NDIC’s communication and public affairs department, confirmed that payment of the second tranche would soon begin.
She said, “It is in continuation thereof, that the NDIC has now declared a second liquidation dividend of ₦24.3 billion.”
“This amount, derived from debt recovery, sale of physical assets, and realisation of investments, will be applied to the payment of uninsured balances for depositors with funds exceeding the ₦5 million insured limit.”
Gambo explained that the payment would be made at a rate of 5.2 kobo per N1.00 on outstanding balances, in line with section 72 of the NDIC Act 2023. She noted that this brings the total liquidation dividend paid so far to 14.4 kobo per N1.00.
Gambo said, “Payments will be effected using depositors’ details already in the NDIC records.”
“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 (BVN).”
“Depositors are advised to check their accounts for confirmation.”
She further advised depositors who do not have alternative bank accounts or BVNs, or who are yet to claim their insured deposits of up to N5 million or the first liquidation dividend, to visit the nearest NDIC office or submit an e-claim form.
Gambo said, “For clarity, a liquidation dividend is the amount paid by the NDIC to depositors of a closed bank whose balances exceed the statutory insured limit, from proceeds of asset sales, investment realization, and debt recovery.”
She added that other creditors and shareholders would only be settled after all depositors have been fully paid, and only if enough funds are available.
