The Nigeria Deposit Insurance Corporation (NDIC) has announced a significant payout to customers of the defunct Heritage Bank Limited. The corporation declared a second liquidation dividend worth N24.3 billion for depositors whose account balances were above the insured limit when the bank's licence was revoked.
Details of the Latest Payout
This new payment follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024. Subsequently, the NDIC was appointed as the liquidator under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
In a recent statement, the NDIC clarified that this second dividend will be paid at a rate of 5.2 kobo for every N1 on outstanding uninsured balances. This action is in line with Section 72 of the NDIC Act 2023.
The latest announcement brings the total liquidation dividends declared so far to 14.4 kobo per N1. This total includes the first liquidation dividend of N46.6 billion, which was paid in April 2025 at a rate of 9.2 kobo per N1.
How Payments Will Be Made to Eligible Depositors
The NDIC has outlined a straightforward process for the disbursement of these funds. Payments will be made automatically to eligible depositors using the financial details already captured in the corporation's records.
Depositors who have previously received their insured deposits and the first dividend will find the new payment credited to their alternative bank accounts. This will be done via their linked Bank Verification Numbers (BVN) for seamless transfer.
The NDIC has also provided guidance for depositors who may need to take additional steps:
- Depositors without alternative bank accounts or BVNs.
- Those who are yet to claim their insured deposits.
- Individuals who have not received the first liquidation dividend.
Such persons are advised to visit any NDIC office nationwide or complete the e-claim form available on the corporation's official website for prompt processing.
The Road Ahead in the Liquidation Process
The NDIC attributed the possibility of this second payout to the sustained recovery of debts, disposal of physical assets, and realisation of investments belonging to the closed bank.
It is crucial to note that liquidation dividends are paid exclusively to depositors whose balances exceeded the statutory insured limit of N5 million. The NDIC clarified that other creditors and shareholders will only be considered for payment after all depositors have been fully reimbursed. This reimbursement is subject to the continued recovery of the bank's remaining assets.
The corporation reassured the public that this N24.3 billion payment represents only the second tranche. It stressed that further liquidation dividends will be declared as more assets are realised and outstanding debts are recovered from the estate of Heritage Bank.
