NDIC Announces ₦24.3bn Second Payout to Heritage Bank Depositors

The Nigeria Deposit Insurance Corporation has approved a second liquidation dividend amounting to ₦24.3 billion for depositors of the defunct Heritage Bank whose balances exceeded the insured threshold at the time of the bank’s closure.

The payment follows the withdrawal of the bank’s operating licence by the Central Bank of Nigeria, after which the NDIC assumed responsibility as liquidator under applicable banking and insurance laws.

With the latest disbursement, eligible uninsured depositors will receive an additional 5.2 kobo for every naira owed, bringing the total recovery so far to 14.4 kobo per naira when combined with the first tranche paid earlier.

The Corporation explained that insured deposits of up to ₦5 million per depositor were settled promptly from the Deposit Insurance Fund to protect small savers. The first liquidation dividend, paid previously, amounted to ₦46.6 billion.

According to the NDIC, the new payout was made possible through improved recovery of outstanding loans, sale of physical assets, and realisation of investment holdings belonging to the defunct bank. These proceeds were distributed in line with statutory provisions governing liquidation processes.

Payments will be credited automatically to depositors’ alternative bank accounts already linked to their Bank Verification Numbers. Depositors who have not received any payment due to documentation gaps have been advised to regularise their records through NDIC offices or the Corporation’s electronic claims platform.

The NDIC added that further liquidation dividends would be declared as additional assets are recovered.