NDIC activates payment of N46.6 Billion Liquidation Dividends to Heritage Bank customers

The Nigeria Deposit Insurance Corporation (NDIC) has announced the commencement of a N46.6 billion liquidation dividend payment to depositors of the defunct Heritage Bank, specifically those with account balances exceeding the insured N5 million limit.

In a statement released on Sunday, the Corporation disclosed that the payout began on Friday, April 25, 2025, after successfully recovering proceeds from the sale of the bank’s assets and debts owed to the institution.

The NDIC described the payment as a significant move towards fulfilling its commitment to fully reimburse all affected depositors.

“In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation (NDIC) has declared first tranche of liquidation dividends totaling N46.6 billion from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution,” read the statement signed by Hawwau Gambo, Acting Head of Communication and Public Affairs.

The Corporation explained that liquidation dividends are payments made to depositors whose funds surpass the insured limit of N5 million, sourced from asset disposals and loan recoveries from failed banks.

It further noted that this initial dividend was calculated at 9.2 kobo per naira on a pro-rata basis for each depositor with balances above the insured ceiling at the time Heritage Bank was shut down.