The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend of N24.3 billion for uninsured depositors of the defunct Heritage Bank Limited, whose balances exceeded the statutory insured limit of N5 million at the time of the bank’s closure.
Okay News reports that the payment, disclosed in a statement signed by NDIC Head of Communication and Public Affairs Hawwau Gambo, brings the cumulative liquidation dividend to 14.4 kobo per N1 when combined with the first tranche.
This follows the Central Bank of Nigeria’s revocation of Heritage Bank’s operating licence on June 3, 2024, after which NDIC was appointed liquidator in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
Eligible uninsured depositors will receive 5.2 kobo per N1 on their outstanding balances.
The NDIC first prioritised insured deposits of up to N5 million per depositor, ensuring prompt payouts from its Deposit Insurance Fund to protect small customers and maintain public confidence.
In April 2025, the Corporation declared and paid the first liquidation dividend of N46.6 billion, equivalent to 9.2 kobo per N1, for balances above the insured limit.
The latest N24.3 billion dividend was made possible through sustained recovery efforts, including debt collection from debtors, disposal of physical assets, and realisation of investments belonging to the defunct bank.
These actions align with Section 72 of the NDIC Act 2023, which governs the distribution of liquidation proceeds.
Payments will be credited automatically to eligible depositors’ alternative bank accounts already linked to their Bank Verification Numbers (BVN).
Depositors who have received insured deposits and the first dividend are advised to check their accounts for the new credit, while those yet to receive any payout should visit the nearest NDIC office or submit an e-claim via the Corporation’s website.
Further liquidation dividends will be paid as additional assets are recovered and outstanding debts settled.
The closure of Heritage Bank and subsequent liquidation process reflect NDIC’s mandate to protect depositors, promote financial stability, and maximise recoveries from failed institutions.
 has announced a second liquidation dividend of N24.3 billion for uninsured depositors of the defunct Heritage Bank Limited, whose balances exceeded the statutory insured limit of N5 million at the time of the bank's closure.){kind=link}