The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend of N24.3 billion for distribution to former customers of the defunct Heritage Bank Plc. The payout is designated for depositors whose account balances exceeded the insured limit of N5 million at the time the bank’s license was revoked in June 2024.
In a statement released by the Corporation’s Head of Communication and Public Affairs, Hawwau Gambo, the NDIC attributed the latest disbursement to continued asset recovery efforts since its appointment as liquidator. The funds were generated from further debt recoveries, the sale of physical assets, and the realization of investments belonging to the closed bank.
This second dividend will be paid at a rate of 5.2 kobo for every N1 owed on eligible uninsured balances. Combined with the first liquidation dividend of N46.6 billion paid in April 2025, the NDIC has now returned a cumulative 14.4 kobo per N1 to depositors with balances above the statutory coverage limit.
Payments for the latest tranche will be made automatically to depositors’ alternative bank accounts using existing Bank Verification Number (BVN) records. Beneficiaries are advised to monitor their accounts for credits.
Depositors who have not yet received their insured amounts, the first dividend, or those without alternative accounts or BVNs are instructed to visit the nearest NDIC office or complete the online e-claim form available on the Corporation’s official website for processing.
The NDIC reiterated that liquidation dividends are paid from proceeds recovered from the failed bank’s assets and that further payments will follow as additional assets are realized. The Corporation also confirmed it had settled all insured deposits—up to N5 million per depositor—shortly after Heritage Bank’s closure, using the Deposit Insurance Fund.
The Central Bank of Nigeria revoked Heritage Bank’s license on June 3, 2024, citing a breach of banking regulations and diminishing financial stability. The NDIC was subsequently appointed to oversee the bank’s liquidation and ensure the orderly settlement of depositors’ claims.
