The Nigeria Deposit Insurance Corporation (NDIC) has begun the distribution of ₦46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank.
Hawwau Gambo, Acting Head of Communication and Public Affairs at the NDIC, announced that the funds were realized through the sale of the bank’s assets and the recovery of outstanding debts.
“A liquidation dividend is paid to depositors of a closed bank beyond the insured limit, using proceeds from asset sales and debt recoveries,” Gambo explained. She further noted that after all depositors have been fully reimbursed, payments may also extend to creditors and shareholders.
The first tranche of payments, which commenced on April 25, 2025, offers an initial payout of 9.2 kobo per naira on a pro-rata basis for depositors with balances exceeding ₦5 million.
Gambo urged depositors who have not yet received their dividends to visit the nearest NDIC office for assistance.
Following the Central Bank of Nigeria’s revocation of Heritage Bank’s license on June 3, 2024, the NDIC had earlier reimbursed insured deposits of up to ₦5 million. To streamline the process, the corporation utilized depositors’ Bank Verification Numbers (BVN) to credit insured amounts directly to alternate accounts where available.
Depositors without alternate bank accounts, or those who have not been paid, are advised to visit NDIC offices or download and complete a deposit verification form from the official website at www.ndic.gov.ng.
Gambo reaffirmed NDIC’s commitment to recovering more assets and ensuring that all eligible depositors receive their entitlements promptly.
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