The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank, bringing the total payouts to N70.9 billion.
In a statement signed by Hawwau Gambo, head of the Communication and Public Affairs Department, on 9 January, the NDIC said the payment would be made to depositors whose account balances exceeded the statutory insured limit of N5 million at the time the bank was closed.
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The corporation said the second liquidation dividend was payable at a rate of 5.2 kobo for every N1 on outstanding uninsured balances, in line with Section 72 of the NDIC Act 2023, bringing the cumulative liquidation dividend declared so far to 14.4 kobo per N1.
According to the NDIC, the N24.3 billion payment was generated from debt recovery, the sale of physical assets, and the realisation of investments of the defunct bank and would be applied to the payment of uninsured balances for depositors with funds above the insured limit.
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“The NDIC has now declared a second liquidation dividend of N24.3 billion. This amount, derived from debt recovery, sale of physical assets, and realisation of investments, will be applied to the payment of uninsured balances for depositors with funds exceeding the N5 million insured limit,” it said.
Eligible depositors who had already received their insured deposits and the first tranche of liquidation dividends would have their alternative bank accounts credited automatically using their Bank Verification Numbers (BVNs), the NDIC said, advising depositors to check their accounts for confirmation.
Depositors without alternative bank accounts or BVNs, as well as those who had yet to claim their insured deposits of up to N5 million or the first liquidation dividend, were advised to visit the nearest NDIC office or complete the e-claim form on the corporation’s website for prompt processing.
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The NDIC clarified that liquidation dividends referred to payments made to depositors of a closed bank whose balances exceeded the insured limit, using proceeds from asset sales, investment realisation and debt recovery.
It said other creditors would be paid only after all depositors had been fully reimbursed, while shareholders would be settled subject to the availability of funds.
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The corporation added that the latest payment represented only the second liquidation dividend, noting that further payouts would depend on the continued recovery of assets and the settlement of outstanding debts.
Heritage Bank’s banking licence was revoked by the Central Bank of Nigeria (CBN) on 3 June 2024, following concerns about the bank’s financial condition.
After the revocation, the NDIC was appointed liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1) and 55 (2) of the NDIC Act 2023.
Upon its appointment, the corporation began processing claims and paid insured deposits of up to N5 million per depositor from its Deposit Insurance Fund. It also commenced the disposal of the bank’s assets, the recovery of outstanding loans, and the realisation of investments.
These efforts enabled the NDIC to declare a first liquidation dividend of N46.6 billion in April 2025, paid at a rate of 9.2 kobo per N1 on uninsured deposits.
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