NDIC Declare N24.3b Dividend for Heritage Bank Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited.

Previously, the NDIC paid a first liquidation dividend of ₦46.6 billion in April 2025, calculated at 9.2 kobo per ₦1.00. That payment was made on a pro-rata basis to depositors whose balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed.

The corporation explained that it has continued asset recovery efforts to enable further compensation for affected depositors. As part of this process, NDIC said it has now approved an additional liquidation dividend of ₦24.3 billion.

According to the NDIC, the funds were generated through debt recovery, disposal of physical assets, and the realisation of investments. The amount will be applied to outstanding uninsured balances of depositors with funds above the ₦5 million insured threshold.

The second liquidation dividend will be paid at a rate of 5.2 kobo per ₦1.00 on remaining balances, in line with Section 72 of the NDIC Act, 2023. This brings the total liquidation dividend declared so far to 14.4 kobo per ₦1.00.

The corporation noted that payments will be processed using depositors’ existing records. Eligible depositors who have already received their insured deposits and the first tranche of liquidation dividends will have their alternative bank accounts credited automatically through their Bank Verification Numbers (BVN).

NDIC advised depositors to check their accounts for confirmation. Those without alternative bank accounts or BVNs, or who have not yet claimed their insured deposits of up to ₦5 million or the first liquidation dividend, were directed to visit the nearest NDIC office or complete the e-claim form on the corporation’s website.

The NDIC emphasised that the payment represents only the second liquidation dividend, adding that further disbursements will be made as more assets are realised and outstanding debts recovered. The corporation reaffirmed its commitment to the prompt recovery of assets and timely reimbursement of depositors.