The Nigeria Deposit Insurance Corporation has started paying N46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank.
This was announced on Sunday in a statement by the Acting Head of Communication and Public Affairs of the NDIC, Hawwau Gambo.
According to Gambo, the money was raised from selling the bank’s assets and recovering debts owed to the bank. She explained that a liquidation dividend is the money paid to depositors of a closed bank, after the insured limit has been paid, using funds from selling assets and recovered debts.
She added that after all depositors are fully paid, the dividends may also cover payments to creditors and shareholders.
Gambo said the NDIC began the first tranche of the payment on April 25, 2025. She stated, “The initial dividend is paid at 9.2 kobo per naira on a pro-rata basis to depositors with balances above N5 million. Further payments will be made as more assets are recovered.”
Following the Central Bank of Nigeria’s revocation of Heritage Bank’s licence on June 3, 2024, NDIC had earlier paid insured deposits up to N5 million.
To make the process easier, the NDIC used depositors’ Bank Verification Numbers (BVN) to find alternate accounts and automatically credit their insured money.
The corporation also used records from the earlier insured payments to disburse the first tranche of liquidation dividends.
Gambo advised, “Depositors with balances exceeding N5 million who did not receive their liquidation dividends should visit the nearest NDIC office. Depositors without alternative bank accounts who were not paid the insured amount should also visit NDIC offices or download forms from www.ndic.gov.ng.”
She said depositors must complete and submit a deposit verification form to get their insured amounts and, where applicable, the first tranche of dividends.
Gambo stressed that the NDIC is committed to recovering more assets and making sure all eligible depositors get their money back.
