The Nigerian Deposit Insurance Corporation (NDIC) has commenced the processing of claims and payment of insured deposits up to the statutory limit of N5 million from its Deposit Insurance Fund to depositors of the liquidated Heritage Bank Limited.
It would be recalled that following the revocation of the banking license of the defunct bank by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as its Liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023.
Upon its appointment, the corporation also immediately commenced the disposal of physical assets, recovery of debts, and realization of investments of the defunct bank.
As a result of these efforts, the NDIC declared a first liquidation dividend of N46.6 billion in April 2025, at a rate of 9.2 kobo per N1.00. This amount was paid on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of N5 million at the date of closure. Subsequently, the Corporation continued to pursue the recovery of assets to enable further reimbursement to eligible depositors.
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A statement issued by the Head, Communication and Public Affairs Department of the corporation, Hawwau Gambo, indicated that in furtherance of the liquidation process, the NDIC had now declared a second liquidation dividend of N24.3 billion.
According to the spokesperson, this amount, derived from debt recovery, sale of physical assets, and realisation of investments, will be applied to the payment of uninsured balances for depositors with funds exceeding the N5 million insured limit.
The NDIC clarified: “The second liquidation dividend is payable at a rate of 5.2 kobo per N1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared to date to 14.4 kobo per N1.00.
“Payments will be effected using depositors’ details already in the NDIC records. Eligible depositors, who previously received the insured sum and the first tranche of liquidation dividends, will have their alternative bank accounts automatically credited using their Bank Verification Numbers (BVN). Depositors are advised to check their accounts for confirmation”, the NDIC added.
The corporation disclosed that depositors without alternative bank accounts, BVNs, or who have not claimed their insured sum of up to N5 million or the first liquidation dividend, should visit the nearest NDIC office or complete the e-claim form available at https://ndic.gov.ng/claims-verification-forms for prompt processing.
It explains that a liquidation dividend is the amount paid by it to depositors of a closed bank, whose balances exceed the statutory insured limit, from proceeds of asset sales, investment realization, and debt recovery, adding that the payment is only made to other creditors, and subsequently to shareholders subject to the availability of funds, after all depositors have been fully reimbursed.
While restating its commitment to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors, it assures the public that this payment represents only the second liquidation dividend and that additional payments shall be made subject to the realisation of the liquidated bank’s assets and collection of outstanding debts.
