The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited whose account balances exceeded the statutory insured limit of ₦5 million at the time of the bank’s closure.
This latest payout comes as part of ongoing efforts to recover funds from the failed institution following the revocation of its operating license by the Central Bank of Nigeria (CBN) on June 3, 2024. The NDIC was subsequently appointed as liquidator under relevant provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
Shortly after assuming the role, the NDIC prioritized the reimbursement of insured deposits up to ₦5 million per depositor from its Deposit Insurance Fund, providing immediate relief to smaller account holders. The Corporation then proceeded with the disposal of physical assets, recovery of outstanding debts, and realization of investments belonging to Heritage Bank.
These recovery activities enabled the NDIC to declare and pay a first liquidation dividend of ₦46.6 billion in April 2025, distributed on a pro-rata basis at a rate of 9.2 kobo per ₦1.00 to eligible uninsured depositors.
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The second liquidation dividend of ₦24.3 billion, sourced from continued debt recoveries, asset sales, and investment proceeds, will be paid at a rate of 5.2 kobo per ₦1.00 on remaining outstanding balances, in line with Section 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00.
Payments will be automatically credited to the alternative bank accounts of eligible depositors who previously received their insured amounts and the first dividend, using their Bank Verification Numbers (BVN) linked to NDIC records. Affected individuals are encouraged to check their accounts to confirm receipt.
For depositors without linked alternative accounts or BVNs, or those who have not yet claimed their insured deposits up to ₦5 million or the first liquidation dividend, the NDIC advises visiting the nearest NDIC office or submitting an e-claim form available at https://ndic.gov.ng/claims-verification-forms for verification and processing.
The NDIC emphasized that liquidation dividends are distributed exclusively to uninsured depositors from realized assets and recoveries, with priority given to full depositor reimbursement before any payments to other creditors or shareholders, subject to available funds.
