The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of ₦46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, effective April 25, 2025. This payment is aimed at reimbursing those whose account balances exceeded the insured limit of ₦5 million at the time of the bank’s closure.

A liquidation dividend is the amount paid to depositors and creditors from the proceeds of asset sales and debt recoveries of a closed bank. The current payment is calculated at a rate of 9.2 kobo per Naira on a pro-rata basis.

Heritage Bank’s operating license was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, prompting the NDIC to quickly reimburse insured deposits up to the maximum limit. Using depositors’ Bank Verification Numbers (BVNs), the NDIC efficiently located alternate accounts and credited the insured amounts directly.

Depositors who received the insured amount but have not yet received their liquidation dividends are encouraged to visit the nearest NDIC office or contact the NDIC for assistance. Those without alternative bank accounts and who have not been paid the insured amount should also reach out to the NDIC to complete the necessary verification forms.

The NDIC has assured the public that this payment marks only the first tranche of liquidation dividends, with additional payments expected as more assets are realized and debts recovered. The Corporation remains dedicated to ensuring that all eligible depositors receive their due reimbursements.

For further inquiries, depositors can email claimscomplaints@ndic.gov.ng or call the Claims Resolution Department during business hours.