Heritage Bank: NDIC Starts N46.6bn Payout to Large Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has begun the payment of N46.6 billion as the initial tranche of liquidation dividends to depositors of the defunct Heritage Bank, whose funds exceeded the maximum insured amount of N5 million.

This was disclosed in a statement released on Sunday by the Acting Head of Communication and Public Affairs, Hawwau Gambo.

The NDIC noted that the first phase of payments started on Friday, April 25, 2025, as part of efforts to ensure that all eligible depositors are adequately reimbursed.

“In its ongoing commitment to fully compensate depositors of the closed Heritage Bank, the Nigeria Deposit Insurance Corporation has announced the first tranche of liquidation dividends, totaling N46.6 billion, sourced from the sale of the bank’s assets and the recovery of outstanding debts,” the statement said.

The NDIC explained that liquidation dividends refer to payments made from the recovered funds after exceeding the maximum insured deposit amount. It added that once all depositors are fully reimbursed, creditors and shareholders might also benefit from any remaining proceeds.

On the payment method, the NDIC stated that the initial dividend was paid “at a rate of 9.2 kobo per Naira on a pro-rata basis” to customers whose balances were above the N5 million insurance cap when the bank’s licence was revoked.

The Central Bank of Nigeria withdrew Heritage Bank’s licence on June 3, 2024, citing multiple regulatory breaches.

Following the licence revocation, the NDIC swiftly began compensating insured depositors, paying out up to the maximum limit of N5 million.

“To facilitate a smooth payment process, the NDIC used Bank Verification Numbers (BVNs) to identify alternate bank accounts held by depositors, automatically crediting them with their insured amounts,” the statement added.

The Corporation said it leveraged the verified records from the insured deposit payment exercise to support the liquidation dividend disbursement.

Nevertheless, the NDIC urged depositors with balances above N5 million who have not yet received their liquidation dividends to get in touch.

“Any depositor with an excess of N5 million who has received the insured portion but not the liquidation dividend should visit the nearest NDIC office or call the contact numbers provided,” the statement advised.

It also called on depositors who lacked an alternate bank account and have yet to receive even their insured deposits to visit an NDIC office or complete a deposit verification form available on its website.

Reaffirming its commitment to full reimbursement, the NDIC stressed, “This payment marks only the first tranche of liquidation dividends. Additional payments will follow as more assets are sold and outstanding debts are recovered.”

The Corporation concluded by urging the public to direct all inquiries to the Claims Resolution Department and reaffirmed its dedication to protecting depositors and enhancing trust in the banking sector.