NDIC Begins N46.6bn Payments to Uninsured Heritage Bank’s Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank with funds exceeding the insured limit of N5 million.

NDIC’s Acting Head of Communication and Public Affairs, Hawwau Gambo, yesterday said the payments began on Friday, April 25, 2025.

The NDIC, however, reassured the public that the N46.6 billion payout is only the first tranche, emphasising that further disbursements will follow as more of the defunct bank’s assets are realised and outstanding debts are recovered

Less than one per cent of the defunct bank’s 2.3 million depositors had balances exceeding N5 million.

“This initial dividend payment is at the rate of 9.2 kobo per Naira on a pro-rata basis to depositors whose account balances exceeded the NDIC’s maximum insured limit of N5 million at the time of the bank’s closure,” Gambo said.

Liquidation dividends represent the amount paid to depositors of a closed bank in excess of the maximum insured limit, sourced from the proceeds of asset sales and debt recoveries.

Payments to creditors and shareholders are only made after all depositors have been fully reimbursed.

Following the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC had promptly reimbursed insured depositors up to N5 million per account, Gambo recalled, adding that using Bank Verification Numbers (BVN), the Corporation had credited depositors’ alternate bank accounts to ensure a seamless payment process.

To facilitate the first tranche of liquidation dividends, the NDIC leveraged records previously used for the insured payments, Gambo noted.

She, however, urged depositors who have amounts above N5 million but have not yet received their liquidation dividends to approach the nearest NDIC office or contact the corporation through its official telephone lines.

Meanwhile, she also encouraged depositors who do not have an alternative bank account and were not paid the insured sum to visit the nearest NDIC office or log onto the corporation’s website to download, complete, and submit the deposit verification form for processing.

“The corporation remains committed to its vigorous efforts in asset recovery and ensuring that all eligible depositors are fully reimbursed,” Gambo said.