Why NDIC commenced payment of liquidation dividends to depositors with funds above insured sum

By Chioma Obinagwam

In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation (NDIC) has declared first tranche of liquidation dividends totaling ₦46.6 billion from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution.

Confiance News gathered from the official website of the Corporation.

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 as at the time of the bank’s closure.

It will be recalled that following the revocation of the Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor. To ensure seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number (BVN) to locate alternate account number of depositors in other banks and automatically credited them with the insured amount. Furthermore, the Corporation leveraged the existing records used in the payment of the insured amount to facilitate the disbursement of first tranche of liquidation dividends. Consequently, any depositor with amount in excess of N5.0 million who was paid insured amount but did not receive the payment the liquidation dividends should approach the nearest NDIC office or contact us on the telephone numbers below.

In the Meantime, depositors of the defunct banks who do not maintain alternative bank account and were not paid the insured amount, are advised to visit the nearest NDIC office or go to the claims page on the Corporation’s website, www.ndic.gov.ng to download, complete and submit deposit verification form for the payment of the insured amount and where applicable, the first tranche of their liquidation dividends.

The Corporation wishes to reassure public that this payment represents only the first tranche of liquidation dividends. Further payments will follow as more assets of the defunct Heritage Bank are realized and outstanding debts are recovered. The NDIC remains committed to its vigorous efforts in assets recovery and ensuring all eligible depositors are reimbursed.