Heritage Bank: NDIC Begins ₦46.6bn Payout To Depositors Above Insured Limit

The Nigeria Deposit Insurance Corporation (NDIC) says it has commenced the payment of ₦46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank who have balances exceeding the insured limit of ₦5 million.

In a statement issued by the acting head of communication and public affairs, Hauwa Gambo, the corporation disclosed that the payment, which began on Friday, April 25, 2025, represents a 9.2 kobo per Naira distribution on a pro-rata basis to eligible depositors.

A liquidation dividend, according to the NDIC, refers to payments made to depositors of a closed bank beyond the insured limit, sourced from the proceeds of asset sales and debt recoveries from the failed institution. It may also include amounts paid to creditors and shareholders once all depositors are fully reimbursed.

The NDIC reassured the public of its commitment to ensuring that all depositors of the closed Heritage Bank are fully paid. “This payment represents only the first tranche of liquidation dividends. Further payments will follow as more assets of the defunct Heritage Bank are realised and outstanding debts are recovered,” the corporation stated.

Following the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC had promptly reimbursed insured depositors up to ₦5 million each.
To expedite payments, the corporation utilised depositors’ Bank Verification Numbers (BVN) to trace alternative bank accounts and credited the insured amounts automatically.

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For depositors whose balances exceeded ₦5 million but have yet to receive the liquidation dividend, the NDIC advised them to visit the nearest NDIC office or contact the Corporation via the provided helplines.
Depositors who did not maintain alternative bank accounts were encouraged to complete and submit a deposit verification form available on the NDIC’s website, www.ndic.gov.ng.

The NDIC emphasised its ongoing vigorous efforts in asset recovery and debt realization, reiterating its commitment to protecting depositors and strengthening public confidence in the financial system.