NDIC approves N24.3bn second payout for Heritage Bank depositors

 

The Nigeria Deposit Insurance Corporation (NDIC) has approved a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank with balances above the insured limit of N5 million.

Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, prompting concerns over the recovery of funds by depositors and other stakeholders.

Providing an update in a statement on Sunday, the NDIC said the new payment follows earlier disbursements made to depositors after the bank’s closure. In September 2024, the corporation disclosed that 84 per cent of depositors with BVN-linked accounts had received their insured sums, while in April 2025, it commenced the payment of N46.6 billion as the first tranche of liquidation dividends.

The NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, said the latest approval brings further relief to affected customers.

According to her, the second liquidation dividend—sourced from debt recovery, sale of physical assets and realisation of investments—will be paid at a rate of 5.2 kobo per N1 on outstanding uninsured balances, in line with Section 72 of the NDIC Act, 2023.

She explained that with the new tranche, the total liquidation dividend declared so far stands at 14.4 kobo per N1.

Gambo added that payments would be made automatically to eligible depositors using details already available in NDIC records, with funds credited to alternative bank accounts linked to depositors’ Bank Verification Numbers (BVN).

She advised depositors to check their accounts for confirmation, while those without alternative accounts, BVNs, or who are yet to claim their insured sums or first dividend, should visit the nearest NDIC office or complete the e-claim form.

The NDIC reiterated that other creditors—and shareholders—would only be considered for settlement after all depositors have been fully reimbursed and subject to the availability of residual funds.