Heritage Bank Liquidation: NDIC Secures Extra N24.3bn For Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has recovered an additional N24.3bn from the assets of the defunct Heritage Bank Limited to repay depositors with balances above N5m at the time the bank’s licence was revoked.

The disclosure was made in a statement issued on Sunday by NDIC’s Head of Communication & Public Affairs, Hawwau Gambo.

Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria on 3 June 2024, after which the NDIC was appointed as liquidator under Section 12(2) of the Banks and Other Financial Institutions Act 2020 and Sections 55(1 & 2) of the NDIC Act 2023.

According to the NDIC, the recovered funds were sourced from debt collection, sale of physical assets, and realisation of investments. These will be applied to pay uninsured deposits exceeding the N5m insured limit. “The second liquidation dividend will be paid at 5.2 kobo per N1.00 on outstanding balances, bringing the cumulative liquidation dividend to 14.4 kobo per N1.00. Payments will be made using depositors’ information already on record with the NDIC,” the statement said.

Eligible depositors who previously received the insured sum and the first liquidation dividend will have their alternative bank accounts automatically credited via their Bank Verification Numbers (BVNs). Depositors are advised to check their accounts for confirmation. Those without BVNs or alternative accounts, or who have not yet claimed their insured sum or first dividend, should visit the nearest NDIC office or complete the e-claim form on the NDIC website for prompt processing.

NDIC had previously paid the first liquidation dividend of N46.6bn in April 2025, at a rate of 9.2 kobo per N1.00, to depositors whose balances exceeded the N5m insured limit at the time of closure.

The NDIC clarified that liquidation dividends are payments made to depositors of closed banks whose balances exceed the insured limit, using proceeds from asset sales, investments, and debt recovery. Payments to other creditors and shareholders are made only after depositors are fully reimbursed, subject to available funds.

The Corporation assured the public that this is only the second liquidation dividend, with further payments expected as additional assets are realised and outstanding debts collected. “The NDIC remains committed to recovering all outstanding obligations and promptly reimbursing depositors,” the statement added.