NDIC Begins N46.6bn Payout to Heritage Bank Depositors
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of N46.6 billion to depositors of the now-defunct Heritage Bank whose funds exceeded the maximum insured limit of N5 million.
The NDIC confirmed the development in a statement issued on Sunday by its acting Head of Communication and Public Affairs, Hawwau Gambo. According to the Corporation, the first tranche of liquidation dividends began on Friday, April 25, 2025, aimed at reimbursing depositors whose account balances were above the insured threshold.
“In a bid to fully reimburse depositors of the defunct Heritage Bank, the Nigeria Deposit Insurance Corporation has declared the first tranche of liquidation dividends amounting to N46.6bn, sourced from the sale of the bank’s assets and debt recoveries,” the statement read.
The Corporation explained that the liquidation dividends represent payments to depositors beyond the insured limit, and could eventually extend to creditors and shareholders once all depositors have been settled.
The initial payment was made at the rate of 9.2 kobo per naira on a pro-rata basis for affected depositors, according to the NDIC. The payout process leveraged depositors’ Bank Verification Numbers (BVN) to locate alternative bank accounts and credit eligible depositors automatically.
Following the Central Bank of Nigeria’s revocation of Heritage Bank’s operating licence on June 3, 2024, due to regulatory breaches, the NDIC had immediately reimbursed insured depositors up to N5 million.
The Corporation urged depositors who have not yet received their liquidation dividends or who lacked an alternate bank account to visit any NDIC office or download a deposit verification form from its website for processing.
It also assured the public that this payout marks the beginning of liquidation dividends, with further disbursements planned as more assets are realised and debts recovered.
The NDIC concluded by reaffirming its commitment to protecting depositors and maintaining public confidence in the banking sector, urging depositors to contact the Claims Resolution Department for any inquiries.
