By chatnewstv.com
ABUJA (chatnewstv.com) — The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank Ltd., following the successful recovery of additional assets from the failed institution.
The announcement, made Sunday, marks the latest step in the liquidation process since the Central Bank of Nigeria (CBN) revoked Heritage Bank’s license on June 3, 2024. The bank was shuttered after failing to improve its financial performance, prompting the NDIC’s appointment as liquidator under the Banks and Other Financial Institutions Act (BOFIA) 2020.
According to the corporation, the newly declared funds were generated through debt recovery, the sale of physical assets, and the realization of the bank’s various investments.
“It is in continuation thereof that the NDIC has now declared a second liquidation dividend of N24.3 billion,” the corporation stated. “This amount… will be applied to the payment of uninsured balances for depositors with funds exceeding the N5 million insured limit.”
The NDIC noted that this second dividend is payable at a rate of 5.2 kobo for every N1 of outstanding balances. When combined with the first liquidation dividend of N46.6 billion paid in April 2025 at 9.2 kobo per N1, the cumulative payout to eligible depositors now stands at 14.4 kobo per N1.
Payments will be processed automatically using existing records. The corporation confirmed that eligible depositors who have already received their initial insured sum and the first tranche of dividends will have their alternative bank accounts credited via their Bank Verification Numbers (BVN).
For those without alternative accounts or who have yet to claim previous payments, the NDIC urged a visit to their nearest office.
“Depositors without alternative bank accounts or BVNs… should visit the nearest NDIC office or complete the e-claim form on the corporation’s website for prompt processing,” the statement added.
The NDIC clarified that while depositors remain the priority, other creditors will only receive payments after all depositors are fully reimbursed. Shareholders will be considered last, subject to the availability of any remaining funds.
