By Ayomide Otitoju
The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited, targeting those with account balances above the ₦5 million statutory insured limit.
According to the NDIC, uninsured depositors will receive 5.2 kobo for every ₦1 of their outstanding balances, bringing the total cumulative liquidation dividend to 14.4 kobo per ₦1, including the first tranche paid in April 2025. The initial payment for uninsured deposits amounted to ₦46.6 billion, equivalent to 9.2 kobo per ₦1, following earlier disbursements of insured deposits to protect small depositors.
The bank’s license was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, due to persistent financial weaknesses, after which the NDIC was appointed liquidator under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023. The second dividend was made possible through debt recoveries, sale of physical assets, and realisation of investments.
Payments will be credited automatically to eligible depositors’ alternative bank accounts linked via their Bank Verification Numbers (BVN). Depositors are advised to verify their accounts, while those without alternative accounts or BVNs are encouraged to visit the nearest NDIC office or submit an e-claim online.
The NDIC said further liquidation dividends will be released as more assets are recovered, assuring depositors that the process remains active and focused on maximising reimbursements.
