Depositors in the liquidated Heritage Bank with funds above the insured limit began receiving their liquidation dividends on Friday, the Nigerian Deposit Insurance Corporation (NDIC) has disclosed.
Liquidation dividends represent amounts paid by the NDIC to depositors of a closed bank, in excess of the maximum insured limit, from the proceeds of sales of assets and recovery from the debtors of the failed bank.
Also, it includes amounts paid to creditors and shareholders after all depositors have been fully paid.
The spokesperson of the Commission, Hajia Hawwau Gambo, who confirmed this at the weekend, said the disbursement of the dividends to depositors came from the first tranche of ₦46.6 billion declared by the Commission as proceeds from the sales of the defunct bank’s assets and recovery of debts owed to the defunct institution.
“The payment of the first tranche of the liquidation dividends commenced on Friday April 25, 2025. This initial dividend payment was at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of ₦5.0 million as at the time of the bank’s closure,” Hajia Gambo clarified.
She said that following the revocation of the Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor.
To ensure seamless and efficient payment process, she said the NDIC used the depositors’ Bank Verification Number (BVN) to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount.
Also, she said the Corporation leveraged on the existing records used in the payment of the insured amount to facilitate the disbursement of first tranche of liquidation dividends.
Consequently, she explained that any depositor with an amount in excess of N5 million who was paid the insured amount, but did not receive the payment, should approach the nearest NDIC office or call designated telephone numbers for the payment of the liquidation dividends.
For further enquiries, the NDIC spokesperson urged affected depositors to direct their enquiries via email to claimscomplaints@ndic.gov.ng or call the Claims Resolution Department from 9:00 a.m. to 5:00 p.m. on weekdays through the following telephone numbers 0810 422 0807; 0810 931 3326; 0903 819 7064; 0906 465 7140; 0903 727 3810.
In the Meantime, she advised depositors of the defunct banks who do not maintain alternative bank accounts and were not paid the insured amount, to visit the nearest NDIC office or go to the claims page on the Corporation’s website, www.ndic.gov.ng to download, complete and submit deposit verification form for the payment of the insured amount and where applicable, the first tranche of their liquidation dividends.
“The Corporation wishes to reassure the public that this payment represents only the first tranche of liquidation dividends,” she said, adding that further payments would follow as more assets of the defunct Heritage Bank were realized and outstanding debts are recovered.
“The NDIC remains committed to its vigorous efforts in assets recovery and ensuring all eligible depositors are reimbursed,” she said.
