The Nigeria Deposit Insurance Corporation (NDIC) has secured an extra N24.3 billion from the estate of the now-closed Heritage Bank Limited to reimburse depositors with account balances exceeding N5 million at the time the bank lost its operating licence.
The disclosure came in a statement issued on Sunday by Hawwau Gambo, Head of NDIC’s Communication & Public Affairs Department.
Heritage Bank’s licence was revoked by the Central Bank of Nigeria (CBN) on 3 June 2024. Following the revocation, the NDIC was appointed liquidator under provisions of the Banks and Other Financial Institutions Act 2020 (Section 12[2]) and the NDIC Act 2023 (Sections 55[1 & 2]). The recovered funds are derived from a combination of debt collection, sales of physical and non-physical assets, and liquidation of investments. These resources will be used specifically to pay uninsured depositors whose balances exceeded the N5 million statutory insurance threshold.
The NDIC further stated that the second tranche of the liquidation payment will be calculated at 5.2 kobo per N1.00 for eligible accounts, consistent with Section 72 of the NDIC Act 2023. With this payout, the total dividend distributed to depositors so far now stands at 14.4 kobo per N1.00.
Funds will be credited automatically into depositors’ accounts using the banking details already held by NDIC. “Depositors who have received their insured funds and the first dividend tranche will see the second tranche credited to their accounts through their Bank Verification Numbers (BVNs). Beneficiaries should verify their accounts to confirm receipt. Those without BVNs or alternative accounts, or who have yet to claim either their insured funds or the initial dividend, should visit the nearest NDIC office or complete the online e-claim form to ensure prompt payment,” the statement added.
In April 2025, the NDIC had distributed the first liquidation dividend of N46.6 billion, equivalent to 9.2 kobo per N1.00, to depositors whose balances exceeded the insured limit when the bank was closed.
The regulator clarified that liquidation dividends are payments made to depositors with amounts above the insured ceiling. These payments are sourced from asset sales, realisation of investments, and recovery of debts. Only after full repayment of all depositors will residual funds, if any, be disbursed to other creditors and, where applicable, to shareholders.
NDIC emphasised that this second dividend is only a part of the ongoing liquidation process. Further distributions will follow as additional assets are realised and outstanding liabilities are recovered. The Corporation reaffirmed its commitment to maximising recoveries and ensuring that depositors receive their entitlements promptly.
The initiative underscores NDIC’s responsibility to protect depositors and maintain trust in Nigeria’s banking system. By reimbursing depositors with funds above the insured limit, the Corporation mitigates potential losses and provides certainty for affected account holders.
Finally, the NDIC encouraged depositors to remain patient and to utilise available channels including online e-claim forms and local NDIC offices to facilitate the processing of outstanding payments. The process highlights NDIC’s capacity to efficiently manage bank liquidations while ensuring depositor protection and fostering overall stability in the financial sector.
