The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of N46.6 billion to top depositors of the defunct Heritage Bank, whose funds exceeded the maximum insured limit of N5 million.
The development was announced in a statement issued on Sunday by the Acting Head of Communication and Public Affairs, Hawwau Gambo.
According to the NDIC, the payment of the first tranche of liquidation dividends began on Friday, April 25, 2025, to ensure that all eligible depositors are adequately reimbursed.
“In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation has declared the first tranche of liquidation dividends totaling N46.6bn from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution,” the statement read.
The NDIC explained that liquidation dividends represent amounts paid to depositors from the sale of the bank’s assets and recovered debts, covering balances that exceed the maximum insured limit. It added that future payments may also be made to creditors and shareholders once all depositors are fully settled.
The Corporation disclosed that the initial dividend was disbursed “at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of N5.0m as at the time of the bank’s closure.”
The Central Bank of Nigeria revoked Heritage Bank’s licence on June 3, 2024, citing regulatory infractions.
Following the revocation, the NDIC immediately commenced payment of insured deposits, reimbursing depositors up to the N5 million insured threshold.
“To ensure seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount,” the Corporation said.
The NDIC noted that it also relied on verified records from the insured deposit payment phase to process the liquidation dividends.
It further urged depositors whose balances exceeded N5 million and who have not yet received the first tranche of liquidation dividends to contact the Corporation.
“Consequently, any depositor with an amount in excess of N5m who was paid the insured amount but did not receive the payment of the liquidation dividends should approach the nearest NDIC office or contact us on the telephone numbers below,” it stated.
The Corporation also advised depositors who had not maintained an alternate bank account and had yet to receive their insured deposits to visit any NDIC office or download and complete a deposit verification form from its website for processing.
Reaffirming its commitment, the NDIC stressed that, “The Corporation wishes to reassure the public that this payment represents only the first tranche of liquidation dividends. Further payments will follow as more assets of the defunct Heritage Bank are realised and outstanding debts are recovered.”
The statement concluded by encouraging depositors and the public to direct all enquiries to the Claims Resolution Department via the contact numbers provided, reiterating the NDIC’s mandate to protect depositors and strengthen confidence in the banking system.
