NDIC Begins N46.6 Billion Payout to Heritage Bank Depositors

• The Nigeria Deposit Insurance Corporation (NDIC) has started paying N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank.

• The payment is for depositors with funds exceeding the maximum insured limit of N5 million.

• The NDIC used depositors’ Bank Verification Numbers (BVN) to locate alternate account numbers and automatically credit them.

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank.

The payment, which started on April 25, 2025, is aimed at ensuring that all eligible depositors are adequately reimbursed.

According to the NDIC, the liquidation dividend represents the amount paid to depositors from the proceeds realised from the sale of the bank’s assets and recovery of outstanding debts, in excess of the maximum insured limit.

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The initial dividend was disbursed “at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of N5.0 million as at the time of the bank’s closure.”

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The NDIC used depositors’ Bank Verification Numbers (BVN) to locate alternate account numbers and automatically credit them with the insured amount. The corporation urged depositors whose balances exceeded N5 million and who have yet to receive the first tranche of liquidation dividends to contact the nearest NDIC office or call the provided telephone numbers.

“The Corporation wishes to reassure the public that this payment represents only the first tranche of liquidation dividends. Further payments will follow as more assets of the defunct Heritage Bank are realised and outstanding debts are recovered,” the NDIC stated.