The Nigeria Deposit Insurance Corporation has started paying N46.6bn as the first batch of liquidation dividends to customers of the now-closed Heritage Bank whose deposits were above the insured limit of N5 million.
The corporation announced the start of the payments through a statement issued on Sunday by its Acting Head of Communication and Public Affairs, Hawwau Gambo.
According to the NDIC, the payout process kicked off on Friday, April 25, 2025. The goal is to ensure that all eligible customers who had more than N5 million in their accounts at the time of the bank’s closure receive part of their trapped funds.
“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 N46.6bn from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution,” the statement read.
The NDIC explained that the funds for the liquidation dividend come from the sales of Heritage Bank’s properties and the recovery of loans previously given by the bank. It noted that after settling depositors, whatever remains could also be used to pay creditors and shareholders.
The Corporation shared that this initial distribution was calculated at the rate of 9.2 kobo per Naira. It is being paid on a pro-rata basis to depositors whose balances were above the N5 million insured by the NDIC when the Central Bank of Nigeria revoked Heritage Bank’s license on June 3, 2024, citing various regulatory issues.
Earlier, the NDIC had quickly settled insured deposits of up to N5 million, using the Bank Verification Numbers of customers to credit their alternate accounts in other banks automatically.
“To ensure seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount,” the Corporation said.
The NDIC also mentioned that it relied on the records used during the initial insured deposit payment to identify eligible depositors for the current liquidation dividends.
The corporation asked customers who have not received their payments despite having more than N5 million to reach out directly.
“Consequently, any depositor with an amount in excess of N5m who was paid the insured amount but did not receive the payment of the liquidation dividends should approach the nearest NDIC office or contact us on the telephone numbers below,” it stated.
For depositors who have not received even their insured deposits because they did not have an alternative bank account, the NDIC advised visiting any of its offices or downloading a deposit verification form from its official website.
The corporation noted that this N46.6bn represents just the first round of payments. It assured depositors that more payments would come as additional assets are recovered and sold.
“The Corporation wishes to reassure the public that 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,” it stated.
The NDIC urged depositors and the general public to direct all enquiries to its Claims Resolution Department and restated its commitment to safeguarding depositors’ funds and boosting trust in Nigeria’s banking system.
