NDIC Pays ₦46.6 Billion Liquidation Dividend to Heritage Bank Depositors Above ₦5 Million Limit

The Nigeria Deposit Insurance Corporation (NDIC) has announced the disbursement of the first tranche of liquidation dividends totaling ₦46.6 billion to depositors of the now-defunct Heritage Bank whose balances exceeded the ₦5 million maximum insured limit.

This development was disclosed in a statement issued on Sunday by Hawwau Gambo, Acting Head of Communication and Public Affairs at the NDIC.

Heritage Bank’s banking license was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, due to regulatory violations. Following the revocation, the NDIC immediately began paying depositors up to the insured amount of ₦5 million.

The Corporation confirmed that the first tranche of liquidation dividends was released on Friday, April 25, 2025, aiming to compensate depositors for funds above the maximum insured threshold.

“In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation has declared the first tranche of liquidation dividends totaling ₦46.6 billion from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the institution,” the statement read.

NDIC explained that liquidation dividends are payments made to depositors and, eventually, creditors and shareholders, sourced from asset sales and loan recoveries after a bank’s closure.

For the payout, depositors with balances above ₦5 million received initial payments on a pro rata basis at a rate of 9.2 kobo per Naira of their excess funds.

To streamline the payment process, the NDIC used the depositors’ Bank Verification Numbers (BVN) to identify alternate bank accounts and automatically credit them with their entitled amounts.

The agency noted that it relied on verified documents obtained during the insured deposit payout phase to facilitate the liquidation dividend distribution.

Depositors who have not yet received their liquidation dividend or insured deposit are encouraged to:

• Visit any NDIC office

• Or download and complete a deposit verification form available on the NDIC website for processing

The Corporation reiterated its commitment to ensuring that all eligible depositors are fully reimbursed.