The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of ₦46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, whose funds exceeded the insured deposit limit of ₦5 million.
This development was confirmed in a statement released on Sunday by the NDIC’s Acting Head of Communication and Public Affairs, Hawwau Gambo.
According to the Corporation, the payment exercise began on Friday, April 25, 2025, and is part of efforts to ensure that all eligible depositors are adequately reimbursed from the sale of the bank’s assets and the recovery of outstanding debts.
“The NDIC has declared the first tranche of liquidation dividends totaling ₦46.6bn from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the institution,” the statement noted.
The NDIC explained that this payout represents the amount due to depositors whose account balances exceeded the maximum insured limit, with dividends disbursed at a rate of 9.2 kobo per Naira on a pro-rata basis.
The Central Bank of Nigeria (CBN) had revoked Heritage Bank’s licence on June 3, 2024, citing serious regulatory infractions. In the immediate aftermath, NDIC had swiftly paid out insured deposits up to the ₦5 million limit using Bank Verification Numbers (BVN) to credit customers via alternate bank accounts.
This new payout phase covers the uninsured portion of affected deposits.
The Corporation assured the public that:
- This is only the first tranche of the liquidation dividends.
- Further disbursements will follow as more recoveries are made and assets are liquidated.
Depositors who are eligible for payments exceeding ₦5 million and have not yet received this tranche are advised to visit the nearest NDIC office or contact the Corporation through the phone numbers provided in the official statement.
Additionally, depositors who have not received even their insured deposits especially those without alternate bank accounts are encouraged to download and complete a deposit verification form from the NDIC website or visit any NDIC office for processing.
“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 NDIC stated.
The NDIC emphasized its unwavering commitment to safeguarding depositors’ funds and promoting confidence in the Nigerian banking system.
