by Niyi Jacobs
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of ₦46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank whose account balances exceeded the insured limit. This payment follows the closure of Heritage Bank after the Central Bank of Nigeria (CBN) revoked its operating license on June 3, 2024.
In a statement issued by the NDIC, the first tranche of liquidation dividends, which amounts to 9.2 kobo per Naira on a pro-rata basis, was initiated on Friday, April 25, 2025. The funds are being disbursed from the proceeds of the sales of Heritage Bank’s assets and recovery of debts owed to the bank.
The payment is being made to depositors whose account balances exceeded the ₦5 million insured limit set by the NDIC at the time of the bank’s closure. This is part of the NDIC’s continued commitment to ensuring that depositors are fully reimbursed for their losses. The NDIC utilized the Bank Verification Number (BVN) of depositors to track and credit their alternate accounts with the insured amounts, making the process more efficient.
While the insured amount has been credited to eligible depositors, those whose accounts exceeded the insured limit but did not receive the liquidation dividend are encouraged to visit the nearest NDIC office or contact the NDIC for assistance. Additionally, depositors who did not have an alternative bank account and were not paid the insured amount are advised to visit the NDIC website or their nearest office to complete the necessary forms for verification and dividend disbursement.
This first tranche represents only the beginning of the reimbursement process. The NDIC has assured the public that further payments will be made as more assets of Heritage Bank are realized and outstanding debts are recovered. The Corporation remains committed to ensuring that all eligible depositors receive their full entitlements.
