April 28, 2025
The Nigeria Deposit Insurance Corporation, NDIC, has announced the commencement of payment of N46.6bn being the first tranche of liquidation dividends to depositors whose funds exceeded the maximum insured limit of N5m with the defunct Heritage Bank.
This was stated in a statement issued on Sunday by NDIC acting Head of Communication and Public Affairs, Hawwau Gambo.
NDIC, said the payment of the first tranche of liquidation dividends started on Friday, April 25, 2025 with the aimed of ensuring that all eligible depositors of the defunct bank are adequately settled.
Except of the NDIC statement read, “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 NDIC explained that the liquidation dividend represents the amount paid to depositors from the proceeds realised from the sale of the bank’s assets and recovery of outstanding debts, in excess of the maximum insured limit.
READ MORE; The IMF has revised Nigeria’s economic growth forecast downward to 3.0%.
It noted that it could also include amounts eventually paid to creditors and shareholders after all depositors have been fully settled.
The Corporation said 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.”
Citing regulatory infractions, the Central Bank of Nigeria, CBN, revoked the operating licence of Heritage Bank on June 3, 2024
In line with it mandate, the NDIC, had shortly after the bank”s license revocation, commenced the payment of insured deposits, promptly reimbursing depositors up to the N5m 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 statement read.
The Corporation explained that it relied on the verified records used at the insured deposit payment phase to facilitate the liquidation dividend disbursement.
The NDIC, advised depositors whose balances exceeded N5m and have yet to receive the first tranche of liquidation dividends to contact it office.
READ MORE; N4tn Debt: FG Scrambles To Avert Gencos Shutdown.
“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.”
The corporation further also urged depositors who did not maintain an alternate bank account and was yet to receive even their insured deposits to visit any NDIC office or download and complete a deposit verification form from its website for processing.
NDIC assured depositors of it commitment to ensuring full reimbursement , “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 the public to direct any enquiries to NDIC Claims Resolution Department
