NDIC begins N46bn payment to depositors

The Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of N46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank.

Acting Head, Communication and Public Affairs of NDIC, Hawwau Gambo disclosed this in a statement on Sunday.

Gambo said the funds were realised from sales of the bank’s assets and recovery of debts owed.

According to her, a liquidation dividend is paid to depositors of a closed bank beyond the maximum insured limit, using proceeds from asset sales and debt recovery.

The NDIC spokesperson added that liquidation dividends may also cover payments to creditors and shareholders once all depositors have been fully reimbursed.

She disclosed that NDIC began payment of the first tranche of liquidation dividends on Friday, April 25.

She said the initial dividend is paid at 9.2 kobo per naira on a pro-rata basis to depositors with balances above N5 million.

She further explained that payments would be made as more assets of the defunct bank are realised and outstanding debts recovered.

Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN) on June 3, 2024, NDIC immediately reimbursed insured deposits up to N5 million.

NDIC used depositors’ Bank Verification Numbers (BVN) to locate alternate accounts and automatically credit the insured amounts to ensure a seamless process.

The corporation also used existing records from insured payments to disburse the first tranche of liquidation dividends.

“Depositors with balances exceeding N5 million who did not receive their liquidation dividends should visit the nearest NDIC office.

“Depositors without alternative bank accounts, who were not paid the insured amount, should also visit NDIC offices or download forms from

“Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends,” Gambo said.

She reiterated NDIC’s commitment to ensuring the recovery of assets and the reimbursement of all eligible depositors.