NDIC Declares N24.3 Billion Second Liquidation Dividend for Heritage Bank Depositors.
NDIC Declares N24.3 Billion Second Liquidation Dividend for Heritage Bank Depositors.
The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend of N24.3 billion for depositors of the now-defunct Heritage Bank Limited. This follows an earlier payout of N46.6 billion in April 2025, which was paid at a rate of 9.2 kobo per N1.00. The initial dividend was based on the disposal of physical assets, debt recovery, and the sale of Heritage Bank’s investments.
Heritage Bank’s operational license was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023. This action prompted the NDIC to begin claims and payment processes for insured deposits, up to N5 million per depositor, from its Deposit Insurance Fund.
According to Hawwau Gambo, Head of Communication & Public Affairs at NDIC, the first dividend was paid on a pro-rata basis to depositors with balances exceeding N5 million at the time of closure. The newly declared N24.3 billion will go toward paying depositors with balances above the insured limit, at a rate of 5.2 kobo per N1.00, based on recovered debts and asset sales.
Overall, the total liquidation dividends paid to depositors by January 2026 now amount to 14.4 kobo per N1.00. Payments will be made directly into depositors’ accounts linked to their Bank Verification Numbers (BVN). Depositors who previously received their insured sums or the first dividend are advised to check their accounts. Those without BVNs or outstanding claims are urged to visit NDIC offices or complete e-claim forms for reimbursement.
The NDIC emphasizes that liquidation dividends are paid from proceeds of asset sales, debt recovery, and investments, and will only be distributed to other creditors and shareholders once all depositors are fully reimbursed.
