Uninsured customers to receive additional 5.2 kobo per naira as asset recovery continues
The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend totaling ₦24.3 billion for depositors of the defunct Heritage Bank Limited, offering further relief to customers with balances above the insured threshold.
The payment applies to uninsured depositors, whose account balances exceeded the statutory insured limit of ₦5 million at the time the bank’s operating license was revoked. This was disclosed in a statement signed by Hawwau Gambo, Head of the NDIC’s Communication and Public Affairs Department.
According to the Corporation, eligible depositors will receive 5.2 kobo for every ₦1 of their outstanding balances. Combined with the earlier payout, the cumulative liquidation dividend now stands at 14.4 kobo per ₦1.
The NDIC explained that following the bank’s collapse, it immediately settled insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund, ensuring quick access to funds for small account holders.
In April 2025, the Corporation declared and paid a first liquidation dividend of ₦46.6 billion, representing 9.2 kobo per ₦1, to depositors whose balances exceeded the insured limit. The latest payout builds on that effort as more assets of the defunct bank are recovered.
Heritage Bank’s license was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after prolonged financial challenges. The NDIC was subsequently appointed liquidator in accordance with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
The Corporation said the second dividend was made possible through continuous recovery of outstanding loans, sale of physical assets, and realisation of investments belonging to the failed bank. Distribution of the funds was carried out under Section 72 of the NDIC Act 2023, which outlines the process for sharing liquidation proceeds.
NDIC assured depositors that recovery efforts are ongoing and aimed at maximising returns to ensure the highest possible reimbursement.
Payments, the Corporation said, will be automatically credited to depositors’ alternative bank accounts already linked to their Bank Verification Numbers (BVN) in NDIC records.
Depositors who have previously received their insured deposits and the first liquidation dividend have been advised to check their accounts for the latest payment. Those who have not received any funds are encouraged to regularise their claims.
For depositors without alternative bank accounts or BVNs, or those yet to claim either their insured deposits or earlier dividends, the NDIC advised visiting the nearest NDIC office nationwide or submitting an e-claim through its official website for prompt processing.
The Corporation added that additional liquidation dividends will be declared as more assets are realised and outstanding obligations recovered.
About the Author
