NDIC Pays N46.6bn 1st Tranche Liquidation Dividends To Heritage Bank Big Depositors

BY COBHAM NSA – Determined to ensure depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation (NDIC) has declared first tranche of liquidation dividends totaling ₦46.6 billion.

The stated amount is the proceeds from sales of the defunct bank’s assets and recovery of debts owed to it.

A statement signed by Hawwau Gambo, Acting Head, Communication and Public Affairs, NDIC, said payment of the first tranche of the liquidation dividends commenced on Friday, 25th April 2025.

The statement explained that 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.

Explaining the situation at hand, the statement said; “A liquidation dividend represents amount paid by the Corporation 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.

“It also includes amounts paid to creditors and shareholders after all depositors have been fully paid.”

While assuring the public that NDIC remains committed to vigorous assets recovery process as well as ensuring all eligible depositors are reimbursed, the statement said this payment represents only the first tranche of liquidation dividends.

It also assured that further payments will follow as more assets of the defunct Heritage Bank are realized and outstanding debts are recovered.

Forefront News recalled that following the revocation of the Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on 3rd June 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor.

For a seamless and efficient payment process, the Corporation relied on depositors’ Bank Verification Number (BVN) to locate their alternate account number in other banks and automatically credited them with the insured amount.

Furthermore, the Corporation leveraged the existing records used in the payment of the insured amount to facilitate the disbursement of first tranche of liquidation dividends.

However, any depositor with amount in excess of N5.0 million who was paid insured amount but did not receive the liquidation dividends payment should approach the nearest NDIC office or contact us on the telephone numbers below. The numbers to call are: 0810 422 0807; ‎0810 931 3326; ‎0903 819 7064; ‎0906 465 7140; ‎0903 727 3810.

Also, the defunct bank’s depositors who do not maintain alternative bank account and were not paid the insured amount, are advised 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.

In the interim, the Corporation said members of the public seeking further enquiries should contact it through the e-mail: claimscomplaints@ndic.gov.ng or call the Claims Resolution Department on weekdays on the following numbers from 9:00 am to 5:00 pm