The Nigeria Deposit Insurance coverage Company (NDIC) has declared a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank Restricted whose account balances exceeded the statutory insured restrict of N5 million on the time the bank was closed.
That is in line with a press release signed by the Head of Communication and Public Affairs Division, Hawwau Gambo.
This newest payout follows the revocation of Heritage Bank’s working licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in keeping with the Banks and Different Monetary Establishments Act (BOFIA) 2020 and the NDIC Act 2023.
With the brand new fee, eligible uninsured depositors will obtain 5.2 kobo per N1 on their excellent balances, bringing the cumulative liquidation dividend to 14.4 kobo per N1 when mixed with the primary tranche paid earlier.
What the Company is saying
In accordance with the Company, it first paid insured deposits of as much as N5 million per depositor from its Deposit Insurance coverage Fund, guaranteeing that small depositors had immediate entry to their funds regardless of the bank’s failure.
NDIC stated that in Aprila 2025, it declared and paid a primary liquidation dividend of N46.6 billion, equal to 9.2 kobo per N1, to depositors with balances above the insured restrict, setting the stage for additional recoveries as property have been realised.
Asset restoration drives recent N24.3 billion dividend
In accordance with the NDIC, the second liquidation dividend of N24.3 billion was made attainable by way of sustained restoration of money owed owed to the defunct bank, disposal of bodily property, and realisation of investments.
In the assertion, the Company stated the fee was effected in keeping with Part 72 of the NDIC Act 2023, which governs the distribution of liquidation proceeds.
The NDIC famous that these recoveries mirror ongoing efforts to maximise worth from Heritage Bank’s property, assuring depositors that the liquidation course of stays lively and centered on full reimbursement the place attainable.
Automated funds, claims course of and future tranches
The Company disclosed that funds will likely be credited mechanically to eligible depositors’ various bank accounts already captured in NDIC data utilizing their Bank Verification Numbers (BVN).
Depositors who’ve obtained their insured deposits and the primary liquidation dividend have been suggested to examine their accounts for affirmation of the newest fee, whereas these but to obtain any payout are inspired to regularise their standing.
For depositors with out various bank accounts or BVNs, or those that haven’t claimed their insured deposits or first liquidation dividend, the NDIC suggested them to go to the closest NDIC workplace nationwide or submit an e-claim through the Company’s web site for immediate processing, including that additional liquidation dividends will likely be paid as extra property are realised and excellent money owed recovered.
What you’ll want to know
After the Central Bank of Nigeria revoked the bank’s licence on June 3, 2024, over persistent monetary weaknesses, the NDIC instantly started paying insured deposits of as much as N5 million per depositor to guard small clients and stabilise confidence.
- Past insured payouts, the NDIC commenced asset realisation, debt restoration and disposal of investments and bodily property belonging to the defunct bank.
- These efforts have been aimed toward producing funds to reimburse depositors whose balances exceeded the insured restrict, in keeping with the precedence of claims underneath the NDIC Act 2023.
In April 2025, the Company declared a primary liquidation dividend of N46.6 billion, adopted by a second tranche of N24.3 billion, elevating cumulative restoration to 14.4 kobo per N1. The NDIC has assured depositors that additional dividends will likely be paid as extra property are recovered.