The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of ₦46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank whose funds exceeded the insured limit.
A liquidation dividend represents the amount paid to depositors of a closed bank from the proceeds of asset sales and debt recoveries, beyond the maximum insured limit. It also includes payments made to creditors and shareholders after full reimbursement of depositors.
In its commitment to safeguarding depositors’ interests, the NDIC announced that the payment began on Friday, April 25, 2025. The initial distribution is at the rate of 9.2 kobo per Naira on a pro-rata basis for depositors whose account balances surpassed the Corporation’s insured limit of ₦5 million at the time of the bank's closure.
Following the revocation of Heritage Bank's licence by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC had promptly reimbursed insured deposits up to ₦5 million per depositor. Using the Bank Verification Number (BVN) system, the Corporation efficiently credited depositors’ alternate accounts in other banks with their insured sums.
The NDIC also used existing verified records to facilitate the disbursement of this first tranche of liquidation dividends. Depositors who received their insured amount but have yet to receive their liquidation dividends are advised to visit the nearest NDIC office or contact the Corporation through the provided telephone numbers.
Additionally, depositors who do not have an alternate bank account and have not received their insured payments are encouraged to visit the nearest NDIC office or access the claims page on the Corporation’s website at [www.ndic.gov.ng](http://www.ndic.gov.ng) to download, complete, and submit a deposit verification form.
The NDIC emphasized that this payment is only the first tranche, with further payments to follow as more assets are realized and outstanding debts are recovered. The Corporation reaffirmed its commitment to recovering assets and ensuring full reimbursement of all eligible depositors.
For enquiries, depositors can contact the Claims Resolution Department on weekdays from 9:00 a.m. to 5:00 p.m. via 0810 422 0807, 0810 931 3326, 0903 819 7064, 0906 465 7140, or 0903 727 3810, or email claimscomplaints@ndic.gov.ng.
Hawwau Gambo
Ag. Head, Communication & Public Affairs
25th April 2025
