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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.
The amount, realised from debt recovery, sale of physical assets and investment proceeds, will be used to settle uninsured balances. The dividend is payable at a rate of 5.2 kobo per ₦1.00 on outstanding balances, in line with Section 72 of the NDIC Act, 2023.
This payment brings the cumulative liquidation dividend declared so far to 14.4 kobo per ₦1.00. NDIC said payments would be effected using depositors’ details already in its records.
According to the Corporation, eligible depositors who had earlier received the insured sum and the first tranche of liquidation dividends would have their alternative bank accounts automatically credited through their Bank Verification Numbers, BVNs. Depositors have been advised to check their accounts for confirmation.
The NDIC explained that depositors without alternative bank accounts or BVNs, as well as those who are yet to claim their insured deposits of up to ₦5 million or the first liquidation dividend, should visit the nearest NDIC office or complete the e-claim form on its website for prompt processing.
The Corporation clarified that a liquidation dividend refers to payments made to depositors of a closed bank whose balances exceed the insured limit, funded from proceeds of asset sales, investment realisation and debt recovery.
It further noted that depositors would be fully reimbursed before payments are made to other creditors, and subsequently to shareholders, subject to the availability of funds.
NDIC assured the public that this payment represents only the second liquidation dividend, adding that additional payments would be made as more assets are realised and outstanding debts recovered.
The Corporation recalled that it had earlier declared a first liquidation dividend of ₦46.6 billion in April 2025 at a rate of 9.2 kobo per ₦1.00, following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria on June 3, 2024, after which NDIC was appointed as Liquidator.
PR/Umbwanko Baba
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