NDIC to disburse N24bn as second tranche payment to Heritage Bank depositors
The Nigeria Deposit Insurance Corporation (NDIC) has approved a second liquidation dividend of ₦24.3 billion for customers of the defunct Heritage Bank whose account balances exceeded the insured threshold of ₦5 million.
Heritage Bank’s operating licence was withdrawn by the Central Bank of Nigeria (CBN) on June 3, 2024, prompting concerns over how depositors and shareholders would recover their funds.
Following the revocation, the NDIC disclosed in September 2024 that 84 per cent of the bank’s depositors with Bank Verification Number (BVN)-linked accounts had been paid their insured sums. In April 2025, the corporation also announced the commencement of ₦46.6 billion in liquidation dividend payments to affected depositors.
In a statement issued on Sunday, Hawwau Gambo, NDIC’s head of communication and public affairs, said the newly approved payment represents the second tranche of liquidation dividends.
She explained that the ₦24.3 billion was realised from debt recoveries, the sale of physical assets, and the liquidation of investments belonging to the failed bank.
According to Gambo, the funds will be paid at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances, in line with Section 72 of the NDIC Act, 2023. This brings the total liquidation dividend declared so far to 14.4 kobo per ₦1.00.
She added that payments would be made automatically using depositors’ existing details in NDIC records, with eligible customers who have already received their insured deposits and the first dividend credited directly through their alternative bank accounts linked to their BVNs.
