The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited.
The payment targets depositors whose account balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed, according to a statement signed by NDIC’s Head of Communication and Public Affairs, Hawwau Gambo.
Gambo explained that uninsured depositors will receive 5.2 kobo for every ₦1 of their outstanding balances, bringing the cumulative liquidation dividend to 14.4 kobo per ₦1 when combined with the first tranche paid earlier.
The NDIC initially paid insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund, ensuring that small depositors had prompt access to their funds despite the bank’s closure.
In April 2025, the Corporation paid the first liquidation dividend of ₦46.6 billion, equivalent to 9.2 kobo per ₦1, to depositors with balances above the insured limit, paving the way for further recoveries as assets were realised.
The latest payout follows the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
According to the NDIC, the second dividend was made possible through the continued recovery of debts owed to the defunct bank, disposal of physical assets, and realisation of investments. The payment was effected in accordance with Section 72 of the NDIC Act 2023, which governs the distribution of liquidation proceeds.
Gambo said the recoveries reflect the NDIC’s ongoing efforts to maximise value from Heritage Bank’s assets, assuring depositors that the liquidation process remains active and focused on full reimbursement where possible.
Payments will be credited automatically to eligible depositors’ alternative bank accounts already captured in NDIC records using their Bank Verification Numbers (BVN).
Depositors who have already received insured deposits and the first dividend are advised to check their accounts for confirmation of the latest payment. Those who have not received any payout are encouraged to regularise their status.
For depositors without alternative bank accounts or BVNs, or those who have not claimed previous payments, the NDIC advised visiting the nearest NDIC office nationwide or submitting an e-claim via the Corporation’s website for prompt processing.
The NDIC emphasised that further liquidation dividends will be paid as more assets are realised and outstanding debts recovered.
Since the revocation of Heritage Bank’s license due to persistent financial weaknesses, the NDIC has prioritised protecting small depositors and stabilising confidence in the banking sector.
With the second tranche of ₦24.3 billion, cumulative recovery for uninsured depositors now stands at 14.4 kobo per ₦1, and further dividends are expected as additional assets are realised.
