By Abiola Olawale
The Nigeria Deposit Insurance Corporation (NDIC) has officially launched the payment of N46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank.
It was gathered that the first tranche of payments, which began on April 25, 2025, targets depositors with account balances exceeding the NDIC’s insured limit of N5 million.
It would be recalled that following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s operating license on June 3, 2024, due to financial instability, the NDIC was appointed as the liquidator under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55 of the NDIC Act 2023.
The corporation swiftly reimbursed insured deposits of up to N5 million per depositor, leveraging Bank Verification Numbers (BVN) to credit alternate accounts seamlessly.
A statement issued on Sunday by Hawwau Gambo, Acting Head of Communication and Public Affairs, said the current payment began on Friday, April 25, 2025, following the recovery of proceeds from the sale of Heritage Bank’s assets and outstanding loans.
Also, the NDIC revealed that the current payout is disbursed at a rate of 9.2 kobo per naira on a pro-rata basis for balances above the insured limit.
The statement reads in part: “In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation (NDIC) has declared the first tranche of liquidation dividends totalling N46.6 billion from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution.
“For those depositors who do not maintain alternative bank accounts and were not paid the insured amount, they are advised to visit the nearest NDIC office or go to the claims page on the Corporation’s website to download, complete, and submit deposit verification form.”
The Corporation also reiterated that the current payment represents only the first tranche of liquidation dividends. It assured the public that further payments would follow as additional recoveries are made from Heritage Bank’s assets and loan portfolio.
