ABUJA, Nigeria (VOICE OF NAIJA)-The Nigeria Deposit Insurance Corporation has recovered an additional N24.3bn from the assets of the defunct Heritage Bank Limited to support the repayment of depositors with balances above N5m at the time the bank’s licence was withdrawn.
This was disclosed in a statement issued on Sunday and signed by the NDIC’s Head of Communication and Public Affairs, Hawwau Gambo.
The Central Bank of Nigeria revoked Heritage Bank’s operating licence on June 3, 2024, and appointed the NDIC as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act 2020, as well as Sections 55(1) and (2) of the NDIC Act 2023.
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According to the statement, the recovered amount came from debt recoveries, the disposal of physical assets and the realisation of investments.
The funds will be used to settle uninsured deposits belonging to customers whose balances exceeded the N5m insured threshold.
“The second liquidation dividend is payable at a rate of 5.2 kobo per N1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared to date to 14.4 kobo per N1.00. Payments will be effected using depositors’ details already in NDIC records.
“Eligible depositors who previously received the insured sum and the first tranche of liquidation dividends will have their alternative bank accounts automatically credited using their Bank Verification Numbers. Depositors are advised to check their accounts for confirmation.
“Depositors without alternative bank accounts or BVNs, or those who have not claimed their insured sum of up to N5m or the first liquidation dividend, should visit the nearest NDIC office or complete the e-claim form available on the NDIC website for prompt processing,” the statement partly read.
The NDIC had earlier announced a first liquidation dividend of N46.6bn in April 2025, paid at a rate of 9.2 kobo per N1.00 on a pro-rata basis to depositors whose balances were above the statutory insured limit of N5m as of the date the bank was closed.
For clarity, the corporation explained that a liquidation dividend refers to payments made to depositors of a failed bank whose account balances exceed the insured limit, sourced from proceeds of asset sales, investment realisation and debt recovery.
It added that payments to other creditors would only be considered after all depositors have been fully reimbursed, and thereafter to shareholders, subject to the availability of funds.
The NDIC reassured the public that the disbursement represents only the second liquidation dividend.
“Additional payments shall be made subject to the realisation of assets and the recovery of outstanding debts.
“The corporation remains committed to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors,” it stated.