NDIC Declares ₦24.3Bn Liquidation Dividend To Depositors Of Closed Heritage Bank
By Sunday Etuka
The Nigerian Deposit Insurance Corporation (NDIC), has declared a second liquidation dividend of ₦24.3 billion to depositors of closed Heritage Bank.
NDIC, in a statement on Sunday, by its Head, Communication and Public Affairs Department, Hawwau Gambo, disclosed that the amount, derived from debt recovery, sale of physical assets, and realisation of investments, would be applied to the payment of uninsured balances for depositors with funds exceeding the ₦5 million insured limit.
The Corporation explained the second liquidation dividend was payable at a rate of 5.2 kobo per ₦1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023, bringing the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00.
Recall that the NDIC declared a first liquidation dividend of ₦46.6 billion in April 2025, at a rate of 9.2 kobo per ₦1.00. This amount, it explained, was paid on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of ₦5 million at the date of closure, and continued to pursue the recovery of assets to enable further reimbursement to eligible depositors.
Heritage Bank’s licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.
CBN revealed that the Board and Management of the bank failed to improve the bank’s financial performance, a situation it explained constituted a threat to financial stability.
Following the revocation of the bank’s licence, NDIC commenced the processing of claims and payment of insured deposits up to the statutory limit of N5million from its Deposit Insurance Fund.
The Corporation also immediately commenced the disposal of physical assets, recovery of debts, and realization of investments of the defunct bank.
According to NDIC, payment of liquidation dividends would be effected using depositors’ details already in its records. Noting that eligible depositors, who previously received the insured sum and the first tranche of liquidation dividends, would have their alternative bank accounts automatically credited using their Bank Verification Numbers (BVN).
It therefore advised the depositors to check their accounts for confirmation.
The Corporation said that depositors without alternative bank accounts, BVNs, or who have not claimed their insured sum of up to ₦5 million or the first liquidation dividend, should visit the nearest NDIC office or complete the e-claim form available at https://ndic.gov.ng/claims-verification-forms for prompt processing.
“For clarity, a liquidation dividend is the amount paid by the NDIC to depositors of a closed bank whose balances exceed the statutory insured limit, from proceeds of asset sales, investment realization, and debt recovery,” it stressed.
The Corporation stated that only after all depositors have been fully reimbursed that payments would be made to other creditors, and subsequently to shareholders, subject to the availability of funds.
The NDIC assured the public that this payment represents only the second liquidation dividend, disclosing that additional payments shall be made subject to the realisation of assets and collection of outstanding debts.
The Corporation reiterated its commitment to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors.
