Heritage Bank: NDIC Declares N24.3bn 2nd Liquidation Dividend for Depositors

Following the revocation of the banking license of Heritage Bank Limited by the Central Bank of Nigeria (CBN) on June 3, 2024, the Nigeria Deposit Insurance Corporation (NDIC) was appointed as 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 commenced the processing of claims and payment of insured deposits up to the statutory limit of N5 million from its Deposit Insurance Fund. The Corporation also immediately commenced the disposal of physical assets, recovery of debts, and realisation of investments of the defunct bank.

As a result of these efforts, the NDIC declared a first liquidation dividend of ₦46.6 billion in April 2025, at a rate of 9.2 kobo per ₦1.00. This amount was paid on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of ₦5 million at the date of closure. Subsequently, the Corporation continued to pursue the recovery of assets to enable further reimbursement to eligible depositors.

It is in continuation thereof, that the NDIC has now declared a second liquidation dividend of ₦24.3 billion. 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 ₦5 million insured limit.

The second liquidation dividend is payable at a rate of 5.2 kobo per ₦1.00 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 ₦1.00.

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.

Depositors without alternative bank accounts, BVNs, or who have not claimed their insured sum of up to ₦5 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.

For clarity, a liquidation dividend is the amount paid by the NDIC to depositors of a closed bank whose balances exceed the statutory insured limit, from proceeds of asset sales, investment realisation, and debt recovery. Only after all depositors have been fully reimbursed will payments be made to other creditors, and subsequently to shareholders, subject to the availability of funds.

The NDIC assures the public that this payment represents only the second liquidation dividend. Additional payments shall be made subject to the realisation of assets and collection of outstanding debts. The Corporation remains committed to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors.

 

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