NDIC begins payment of N46.6bn liquidation dividends

Soothing news came the way of anxious depositors affected by the closure of Heritage Bank as the Nigeria Deposit Insurance Corporation (NDIC) said it has commenced the payment of N46.6 billion as the first tranche of liquidation dividends.

The payment, which began on Friday, April 25, 2025, is targeted at depositors whose balances exceeded the Corporation’s insured limit of N5 million. These depositors are now receiving additional refunds at a rate of 9.2 kobo per Naira on a pro-rata basis, drawn from proceeds recovered through the sale of the bank’s assets and debt repayments.

A liquidation dividend represents the amount paid to depositors, creditors, and shareholders of a closed bank, beyond the maximum insured limit, from realized assets and recovered debts.

Following the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC moved swiftly to reimburse insured deposits of up to N5 million per depositor. To facilitate a seamless process, the Corporation leveraged Bank Verification Numbers (BVNs) to automatically credit depositors’ alternative accounts in other banks.

Building on this efficient framework, the NDIC is now disbursing the first tranche of liquidation dividends to eligible depositors. Depositors who had balances above N5 million at the time of closure and have not yet received their liquidation dividend are encouraged to visit the nearest NDIC office or contact the Corporation via the numbers provided.

In addition, depositors who do not maintain alternative bank accounts and were not paid their insured amounts are advised to visit the NDIC website to download and submit a deposit verification form to enable processing of their claims.

The NDIC reassured the public that this is only the first tranche of payments and that more dividends will be paid as additional assets of the defunct Heritage Bank are recovered.

“The Corporation remains fully committed to aggressive asset recovery efforts and to ensuring that all eligible depositors are reimbursed,” the NDIC stated.