Depositors Get Relief as NDIC Pays Out ₦46.6 Billion in Heritage Bank Liquidation

Depositors Get Relief as NDIC Pays Out ₦46.6 Billion in Heritage Bank Liquidation

By prince Benson Davies

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of ₦46.6 billion as the first tranche of liquidation dividends to depositors of Heritage Bank, which is currently undergoing liquidation. This payment is part of the NDIC’s efforts to ensure that depositors receive their funds above the insured limit. The NDIC’s role in protecting depositors’ interests and maintaining stability in the financial system is crucial, and this development is a significant step in the liquidation process.

In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation (NDIC) has declared the first tranche of liquidation dividends totaling ₦46.6 billion from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution.

The payment of the first tranche of the liquidation dividends commenced on Friday, April 25, 2025. This initial dividend payment was 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 ₦5.0 million as of the time of the bank’s closure.

It will be recalled that following the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor. To ensure a seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number (BVN) to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount. Furthermore, the corporation leveraged the existing records used in the payment of the insured amount to facilitate the disbursement of the first tranche of liquidation dividends. Consequently, any depositor with an amount over N5.0 million who was paid the insured amount but did not receive the payment of the liquidation dividends should approach the nearest NDIC office or contact us on the telephone numbers below.

In the meantime, depositors of the defunct banks who do not maintain alternative bank accounts and were not paid the insured amount are advised to visit the nearest NDIC office or go to the claims page on the corporation’s website, www.ndic.gov.ng, to download, complete, and submit a deposit verification form for the payment of the insured amount and, where applicable, the first tranche of their liquidation dividends.

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 remains committed to its vigorous efforts in asset recovery and ensuring all eligible depositors are reimbursed.

For further inquiries, please email us at claimscomplaints@ndic.gov.ng or call the Claims Resolution Department on weekdays on the following numbers from 9:00 a.m. to 5:00 p.m.: 0810 422 0807; 0810 931 3326; 0903 819 7064; 0906 465 7140; ‎0903 727 3810.