For those whose savings went above the insured limit of N5 million at the now-defunct Heritage Bank, the Nigeria Deposit Insurance Corporation (NDIC) has started paying out liquidation dividends in the amount of N46.6 billion.
In a statement released on Sunday, this announcement was made by Hawwau Gambo, the acting Head of Communication and Public Affairs of NDIC.
According to Naijatrial, Heritage Bank had its banking license terminated on June 3, 2024, by the Central Bank of Nigeria, for regulatory violations.
Rapid reimbursement of depositors up to the protected threshold of N5 million was made possible by the NDIC, which began paying guaranteed deposits not long after the revocation.
In order to make sure that all qualified depositors of the collapsed bank get their money back, the first batch of liquidation dividends started being paid out on Friday, April 25, 2025, according to the NDIC.
In a statement, it was stated that the Nigeria Deposit Insurance Corporation has declared the first tranche of liquidation dividends totaling N46.6bn.
This amount was generated from the sales of the defunct bank’s assets and the recovery of debts owed to the institution. The goal is to ensure that depositors of the defunct Heritage Bank are fully reimbursed.
The liquidation dividend, as pointed out by the Corporation, is the portion of the bank’s assets that remains after selling them and paying off all obligations (beyond the maximum insured limit) that is distributed to depositors.
It added that, when all depositors had been paid in full, it could also comprise monies paid to owners and creditors.
Those depositors whose accounts were over the NDIC’s maximum insured limit of N5.0m at the time of the bank’s liquidation were proratedly paid the initial payout of 9.2 kobo per Naira, according to the NDIC, which also detailed the method of payment.
“The NDIC utilized the depositors’ Bank Verification Number to identify their alternate account numbers at other financial institutions and promptly credited them with the insured amount,” the Corporation stated, in order to guarantee a smooth and quick payout procedure.
When it came time to distribute liquidation dividends, the NDIC said it depended on the same validated documents it used for insured deposit payments.
On the other hand, it strongly encouraged depositors with amounts above N5 million who have not yet received the initial distribution of liquidation dividends to get in touch with the Corporation.
The Corporation also requested that depositors who had not received their protected deposits and did not have a backup bank account visit any NDIC office or fill out a deposit verification form online.