The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited, following continued recovery of the bank’s assets and outstanding debts.
Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023. Upon assuming the role, the Corporation commenced payment of insured deposits of up to ₦5 million per depositor, alongside asset disposal, debt recovery and investment realisation.
In April 2025, the NDIC paid a first liquidation dividend of ₦46.6 billion, representing 9.2 kobo per ₦1, to depositors whose balances exceeded the statutory insured limit. The newly announced second dividend of ₦24.3 billion will be paid at a rate of 5.2 kobo per ₦1 on outstanding uninsured balances, bringing the cumulative liquidation dividend to 14.4 kobo per ₦1.
According to the Corporation, the funds for the second tranche were generated from recovered debts, sale of physical assets and realised investments of the defunct bank, in line with Section 72 of the NDIC Act 2023.
Payments will be made automatically to eligible depositors using existing NDIC records. Depositors who had earlier received the insured sum and the first liquidation dividend will have their alternative bank accounts credited through their Bank Verification Numbers (BVN). The NDIC advised beneficiaries to check their accounts for confirmation.
However, depositors who do not have alternative bank accounts or BVNs, or who are yet to claim their insured deposits or first liquidation dividend, were urged to visit the nearest NDIC office nationwide or complete the e-claims form on the Corporation’s website for prompt processing.
The NDIC explained that liquidation dividends are payments made to depositors of closed banks whose balances exceed the insured limit, sourced from asset sales, investment proceeds and debt recovery. It noted that only after all depositors have been fully reimbursed would other creditors, and eventually shareholders, be considered—subject to available funds.
The Corporation assured the public that further liquidation dividends would be declared as more assets are realised and outstanding obligations recovered, reaffirming its commitment to the timely reimbursement of depositors.
For enquiries, the NDIC advised the public to contact the Director, Claims Resolution Department, at its Marina, Lagos office or any NDIC office nationwide, or reach out via its official email and customer service lines.
