The Nigeria Deposit Insurance Corporation has recovered an additional N24.3bn from the assets of the defunct Heritage Bank Limited to facilitate the repayment of depositors with balances exceeding N5m at the time the bank’s licence was revoked.
This was disclosed in a statement signed by the Head, Communication and Public Affairs Department of the NDIC, Hawwau Gambo, today.
Recall that the Central Bank of Nigeria revoked the operating licence of Heritage Bank on June 3, 2024, and appointed the NDIC as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act 2020 and Sections 55(1) and (2) of the NDIC Act 2023, reports Sunday PUNCH.
According to the statement, the recovered funds were derived from debt recovery, the sale of physical assets, and the realisation of investments.
The funds will be applied to the payment of uninsured balances belonging to depositors with amounts above the N5m insured limit.
“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 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. Depositors are advised to check their accounts for confirmation.
“Depositors without alternative bank accounts or BVNs, or those who have not claimed their insured sum of up to N5m or the first liquidation dividend, should visit the nearest NDIC office or complete the e-claim form available on the NDIC website for prompt processing,” the statement partly read.
The NDIC had earlier declared a first liquidation dividend of N46.6bn in April 2025, paid at a rate of 9.2 kobo per N1.00 on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of N5m as at the date of the bank’s closure.
For clarity, the corporation explained that a liquidation dividend refers to payments made to depositors of a closed bank whose balances exceed the insured limit, sourced from proceeds of asset sales, investment realisation, and debt recovery.
It added that only after all depositors have been fully reimbursed would payments be made to other creditors, and subsequently to shareholders, subject to the availability of funds.
The NDIC assured the public that the payment represents only the second liquidation dividend.
“Additional payments shall be made subject to the realisation of assets and the recovery of outstanding debts.
“The corporation remains committed to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors,” it stated.
