NDIC declares N24.3bn second liquidation dividend for Heritage Bank depositors

The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank Ltd., following continued recovery of the bank’s assets.

The Central Bank of Nigeria (CBN) had revoked the banking licence of Heritage Bank on June 3, 2024, after which the NDIC was appointed liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 and 2) of the NDIC Act 2023.

Upon its appointment, the corporation began payment of insured deposits of up to N5 million per depositor from the Deposit Insurance Fund, while also initiating the disposal of physical assets, recovery of debts and realisation of investments of the failed bank.

As a result, the NDIC declared a first liquidation dividend of N46.6 billion in April 2025, paid at a rate of 9.2 kobo per N1 to depositors whose balances exceeded the insured limit of N5 million, on a pro-rata basis.

The corporation said the newly declared second liquidation dividend of N24.3 billion was generated from further debt recovery, sale of assets and investment realisation, and would be applied to uninsured deposits above the N5 million threshold.

According to the NDIC, the second dividend is payable at a rate of 5.2 kobo per N1 on outstanding balances, in line with Section 72 of the NDIC Act 2023, bringing the cumulative liquidation dividend paid so far to 14.4 kobo per N1.

Payments, the corporation said, would be made using depositors’ details already in its records, with eligible depositors automatically credited through their alternative bank accounts using their Bank Verification Numbers (BVN).

The NDIC advised depositors without alternative bank accounts or BVNs, as well as those who are yet to claim their insured deposits or the first liquidation dividend, to visit the nearest NDIC office for assistance.