Heritage Bank: NDIC declares N24.3bn second liquidation dividend to uninsured depositors

By Babajide Komolafe

The Nigeria Deposit Insurance Corporation, NDIC, has declared a second liquidation dividend of N24.3 billion to depositors of the defunct Heritage Bank Limited whose account balances exceeded the statutory insured limit of N5 million as at the date of the bank’s closure.

The declaration followed sustained asset recovery efforts by the Corporation since it was appointed liquidator after the Central Bank of Nigeria, CBN, revoked the banking licence of Heritage Bank on June 3, 2024.

In a statement yesterday, signed by the Head, Communication and Public Affairs Department, Hawwau Gambo, the NDIC said it commenced verification and payment of insured deposits of up to N5 million per depositor immediately after its appointment. This was done from the Deposit Insurance Fund, alongside the disposal of physical assets, recovery of outstanding loans and realisation of investments of the failed bank.

The Corporation recalled that these efforts culminated in the declaration and payment of a first liquidation dividend of N46.6 billion in April 2025, representing 9.2 kobo per N1.00, paid on a pro-rata basis to depositors with balances above the insured limit at the time of closure.

According to the NDIC, the newly declared second liquidation dividend of N24.3 billion was generated from further debt recoveries, sale of physical assets and realisation of investments of the defunct bank.

“The second liquidation dividend will be paid at the rate of 5.2 kobo per N1.00 on outstanding uninsured balances, in line with Section 72 of the NDIC Act, 2023,” the statement said.

With this payment, the Corporation disclosed that cumulative liquidation dividends paid so far to eligible depositors of Heritage Bank have risen to 14.4 kobo per N1.00.

The NDIC explained that payments would be effected automatically using depositors’ existing details in its records. Depositors who had earlier received the insured amount and the first tranche of liquidation dividends would have their alternative bank accounts credited directly through their Bank Verification Numbers, BVNs, and were advised to check their accounts for confirmation.

However, depositors yet to receive their insured deposits, first liquidation dividend, or those without alternative bank accounts or BVNs, were urged to visit the nearest NDIC office or complete the e-claim form on the Corporation’s website for prompt processing.

The NDIC stressed that liquidation dividends are paid to uninsured depositors from proceeds of asset sales, investments and debt recovery, adding that further payments would be made as more assets are realised.

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