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NDIC Commences Payment of ₦46.6 Billion Liquidation Dividends to Heritage Bank Depositors

Published

2 weeks ago

Apr 28, 2025.

The NDIC acting head of communication and public affairs, Hauwa Gambo, says these dividends are sourced from the sale of Heritage Bank’s assets and debt recoveries.
This first tranche commenced on Friday, April 25, 2025, represents a 9.2 kobo per Naira distribution on a pro-rata basis.
The initial dividend payment was at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of ₦5.0 million at the time of the bank’s closure.

The Nigeria Deposit Insurance Corporation (NDIC) has initiated the payment of ₦46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank, who held balances exceeding the insured limit of ₦5 million.

EKO HOT BLOG gathered that the first tranche commenced on Friday, April 25, 2025, represents a 9.2 kobo per Naira distribution on a pro-rata basis.

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According to NDIC’s acting head of communication and public affairs, Hauwa Gambo, these dividends are sourced from the sale of Heritage Bank’s assets and debt recoveries.

Once all depositors have been fully reimbursed, creditors and shareholders may also benefit from the liquidation proceeds.

‘‘A liquidation dividend represents the amount paid by the Corporation to depositors of a closed bank, in excess of the maximum insured limit, from the proceeds of sales of assets and recovery from the debtors of the failed bank, the statement explained.

‘‘It also includes amounts paid to creditors and shareholders after all depositors have been fully paid.

NDIC Commences Payment of ₦46.6 Billion Liquidation Dividends to Heritage Bank Depositors

‘‘The payment of the first tranche of the liquidation dividends commenced on Friday, April 25, 2025. This initial dividend payment was at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of ₦5.0 million at the time of the bank’s closure.

Eko Hot Blog recall that in response to the Central Bank of Nigeria’s revocation of Heritage Bank’s operating license on June 3, 2024, the NDIC initiated a streamlined reimbursement process for insured deposits.

By leveraging depositors’ Bank Verification Numbers (BVN), the NDIC was able to locate alternative account numbers in other banks and automatically credit eligible depositors with up to ₦5 million.

The Corporation announced that it had utilized the same records for the initial reimbursement process in facilitating the distribution of the first tranche of liquidation dividends.

The NDIC encouraged depositors who received the initial insured amount but did not obtain the liquidation dividend payment to reach out to their nearest NDIC office or contact them by phone for assistance.

It also advised ‘‘depositors of the defunct banks who do not maintain alternative bank accounts and were not paid the insured amount to visit the nearest NDIC office or the claims page on the Corporation’s website to submit a deposit verification form for the payment of the insured amount and where applicable, the first tranche of their liquidation dividends’’.

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