Heritage Bank: NDIC declares ₦24.3bn second liquidation dividend for depositors

The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited, marking another milestone in the reimbursement process following the revocation of the bank’s operating licence.

The Central Bank of Nigeria (CBN) withdrew the bank’s licence on June 3, 2024, appointing the NDIC as liquidator in accordance with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

Since its appointment, the Corporation has prioritised the payment of insured deposits (up to the statutory ₦5 million limit) while simultaneously aggressively pursuing asset disposal, debt recovery, and investment realisation.

This new tranche of ₦24.3 billion is funded by proceeds from debt recoveries and the sale of physical assets. It will be paid to depositors with uninsured balances (those exceeding ₦5 million) at a rate of 5.2 kobo per ₦1.00, as stipulated by Section 72 of the NDIC Act 2023.

This follows an earlier payout in April 2025, where the NDIC declared a first liquidation dividend of ₦46.6 billion, paid at 9.2 kobo per ₦1.00. Consequently, the cumulative liquidation dividend paid to date now stands at 14.4 kobo per ₦1.00.

The NDIC has streamlined the process for efficiency. Payments will be credited automatically to the alternative bank accounts of eligible depositors using their Bank Verification Numbers (BVN). Customers are advised to check their accounts for confirmation.

However, depositors who are yet to provide alternative accounts, lack BVNs, or have not claimed their initial insured deposits are urged to visit the nearest NDIC office or complete the e-claim form on the Corporation’s website.

The Corporation reaffirmed its commitment to timely reimbursement, assuring the public that further dividends will be declared as more assets are realised and outstanding debts recovered.