The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of Heritage Bank Limited (in liquidation) whose account balances exceeded the statutory insured limit of ₦5 million at the time of the bank’s closure.
Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
In a statement signed by the Head of the Communication and Public Affairs Department, Hawwau Gambo, the Corporation said “the second liquidation dividend would be paid at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances. This brings the total liquidation dividend paid so far to 14.4 kobo per ₦1.00.
“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. The second liquidation dividend is payable at a rate of 5.2 kobo per ₦1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00”.
The NDIC recalled that it had earlier paid a first liquidation dividend of ₦46.6 billion in April 2025, representing 9.2 kobo per ₦1.00, following the reimbursement of insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund.
According to the Corporation, the second tranche was made possible through sustained recovery of debts and continued asset disposal.
“This payment is in furtherance of our statutory responsibility to ensure that depositors of closed banks are reimbursed promptly as assets are realised,” the NDIC said.
The Corporation explained that payments would be made automatically to eligible depositors using existing records. Depositors who have already received their insured deposits and the first liquidation dividend will have their alternative bank accounts credited automatically through their Bank Verification Numbers (BVN).
However, depositors without alternative bank accounts or BVNs, as well as those who have not claimed their insured deposits or the first liquidation dividend, were advised to visit the nearest NDIC office nationwide or complete the e-claim form on the Corporation’s website for verification and processing.
The NDIC noted that liquidation dividends are paid only to depositors with balances above the insured limit and are sourced from asset sales and recoveries. Other creditors and shareholders will be considered only after all depositors have been fully reimbursed and subject to the availability of funds.
The Corporation assured the public that the ₦24.3 billion payment represents only the second liquidation dividend, adding that further payments would be made as additional assets are realised and outstanding debts recovered.
Depositors were advised to contact the NDIC Claims Resolution Department at any of its offices nationwide or through the Corporation’s official email addresses and helplines for further enquiries.