By The Nigeria Deposit Insurance Corporation (NDIC) has announced the commencement of the first tranche of liquidation dividends, totaling ₦46.6 billion, to depositors of the defunct Heritage Bank who have balances exceeding the insured limit of ₦5 million. The payment began on Friday, April 25, 2025, according to a statement from Hauwa Gambo, acting head of communication and public affairs.
The corporation explained that the distribution represents a 9.2 kobo per Naira payout on a pro-rata basis to eligible depositors. It clarified that a liquidation dividend is paid from the proceeds of asset sales and debt recoveries from failed banks, and further payments to creditors and shareholders are made once depositors are fully reimbursed.
“This payment represents only the first tranche of liquidation dividends. Further payments will follow as more assets of the defunct Heritage Bank are realised and outstanding debts are recovered,” the NDIC stated, assuring the public of its commitment to fully reimburse all depositors.
Following the Central Bank of Nigeria’s revocation of Heritage Bank’s license on June 3, 2024, the NDIC had earlier reimbursed insured depositors up to ₦5 million each by leveraging their Bank Verification Numbers (BVN) to trace alternative bank accounts and automatically credit the insured sums.
For depositors who have not yet received their liquidation dividend, the NDIC advised visiting the nearest NDIC office or contacting its helplines. Those without alternative bank accounts were urged to complete and submit a deposit verification form available on the NDIC’s official website, www.ndic.gov.ng.
The corporation reaffirmed its commitment to aggressive asset recovery and debt realization efforts, stressing that it remains focused on safeguarding depositors and strengthening public trust in the Nigerian financial system.
