NDIC Declares N24.3bn Second Liquidation Dividend For Depositors

LAGOS – The Nigeria Deposit Insur­ance Corporation (NDIC) has declared a second liq­uidation dividend of N24.3 billion to depositors of the defunct Heritage Bank Limited, intensifying ef­forts to cushion the impact of the bank’s closure on customers with balances above the statutory insured limit.

The development follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023. ­

 Upon assuming its role, the corporation immediate­ly commenced payment of insured deposits of up to N5 million per depositor from its Deposit Insurance Fund, while also embark­ing on aggressive asset disposal, debt recovery and investment realisation to enable further reimburse­ments.

These efforts culminated in April 2025 with the dec­laration and payment of a first liquidation dividend of N46.6 billion, repre­senting 9.2 kobo per N1.00, paid on a pro-rata basis to depositors whose balanc­es exceeded the insured threshold at the point of closure.

Building on that prog­ress, the NDIC said the newly declared N24.3 bil­lion second liquidation dividend was realised from continued debt recoveries, sale of physical assets and investment proceeds of the failed bank.

The amount will be paid to eligible depositors at a rate of 5.2 kobo per N1.00 on their outstanding unin­sured balances, in accor­dance with Section 72 of the NDIC Act 2023.

With this latest payout, the cumulative liquidation dividend now stands at 14.4 kobo per N1.00, marking a significant step towards full reimbursement of af­fected depositors.

According to the corpo­ration, payments will be made automatically using depositors’ existing re­cords.

Eligible customers, who have already received their insured deposits and the first tranche of liqui­dation dividends, will have their alternative bank ac­counts credited automati­cally via their Bank Veri­fication Numbers (BVN). Depositors have been ad­vised to monitor their ac­counts for confirmation of payment.

However, depositors who do not have alternative bank accounts, BVNs, or who are yet to claim either their insured sums of up to N5 million or the first liqui­dation dividend have been urged to visit the nearest NDIC office nationwide. They may also complete the e-claim form available on the corporation’s web­site for prompt verification and processing.

Clarifying the process, the NDIC explained that a liquidation dividend re­fers to payments made to depositors of a closed bank whose balances exceed the insured limit, sourced from the proceeds of asset sales, investment realisation and debt recovery.

The corporation stressed that only after all depositors have been fully reimbursed will payments be considered for other creditors and, ultimately, shareholders—subject to the availability of funds.

The NDIC assured the public that the current payment represents only the second tranche of liq­uidation dividends and that additional payments will follow, contingent on further recovery of assets and outstanding debts.

Reaffirming its man­date, the corporation said it remains commit­ted to the timely recov­ery of all obligations of the defunct bank and the prompt reimbursement of depositors, underscoring its role in safeguarding confidence in Nigeria’s banking system.