The Nigeria Deposit Insurance Corporation (NDIC) has taken another important step in reimbursing customers affected by the closure of Heritage Bank by declaring a second liquidation dividend of ₦24.3 billion for depositors whose account balances were above the insured limit at the time of the bank’s collapse.
This follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was named liquidator of the failed financial institution.
Upon being appointed liquidator, the NDIC immediately began verifying depositor claims and paying out insured deposits of up to ₦5 million per person from the Deposit Insurance Fund. As part of that process, the Corporation also launched an aggressive programme to realise the bank’s assets, including the sale of physical property, recovery of outstanding loans, and realisation of other investments left by the defunct bank.
The efforts paid off in April 2025,when the NDIC declared a first tranche of liquidation dividends amounting to ₦46.6 billion for depositors whose savings exceeded the statutory insured limit. That first payment was made at a rate of 9.2 kobo for every ₦1 owed, and it was disbursed to eligible customers on a pro-rata basis.
Recently, the NDIC announced the second tranche of dividend payments this time totalling ₦24.3 billion, which will be paid at 5.2 kobo per ₦1 on the remaining uninsured account balances.
“The second liquidation dividend will be paid at the rate of 5.2 kobo per N1.00 on outstanding uninsured balances, in line with Section 72 of the NDIC Act, 2023,” the NDIC said in its statement.
With this new payment, the cumulative total of liquidation dividends declared so far has reached 14.4 kobo for every ₦1 owed to eligible depositors whose funds were above the insured limit when Heritage Bank collapsed.
According to the NDIC, distributable funds for these payouts were generated through continued debt recoveries, the sale of physical assets, and the realisation of outstanding investments connected to the closed bank.
The NDIC has assured depositors that payment will be made using the details the Corporation already holds in its records. Eligible customers who have already received both their insured sums and the first tranche of liquidation dividends will see the latest payout automatically credited to their alternative bank accounts through their Bank Verification Number (BVN).
However, the NDIC also noted that some depositors may not yet have received any payouts, especially those who do not have alternative bank accounts or BVNs, or those who have been unable to claim their insured sums or first dividend. These customers have been asked to visit the nearest NDIC office or complete an e-claim form on the NDIC website to ensure their claims can be processed without delay.
To clarify the process, the NDIC explained that a liquidation dividend is a payment made to depositors of a failed bank whose balances exceed the statutory insured limit, sourced from the proceeds of sold assets, recovered investment funds, and outstanding debt collections.
The Corporation stressed that depositors will be reimbursed fully before other classes of creditors and shareholders can be considered for any remaining funds, subject to availability.
The NDIC also reiterated that this second payment represents only part of the liquidation process and that further dividend declarations could follow as more assets are realised and additional debts are recovered.
