The Nigeria Deposit Insurance Corporation (NDIC) will pay a second liquidation dividend of N24.3 billion to depositors of the defunct Heritage Bank Ltd. This follows the continued recovery of the bank’s assets.
The Central Bank of Nigeria (CBN) revoked Heritage Bank’s licence on June 3, 2024. It appointed the NDIC as liquidator under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
After its appointment, the NDIC paid insured deposits of up to N5 million per depositor. It also began recovering debts, selling assets, and realising investments. This funded a first dividend of N46.6 billion in April 2025, paid at 9.2 kobo per N1 for depositors with balances above the insured limit.
The second dividend comes from additional asset sales, debt recovery, and investment realisation. NDIC will pay it to uninsured deposits exceeding N5 million at 5.2 kobo per N1, bringing the total dividend to 14.4 kobo per N1.
The NDIC will automatically credit eligible depositors through alternative bank accounts linked to their BVNs. Depositors without alternative accounts, BVNs, or those yet to claim their insured deposits or first dividend should visit the nearest NDIC office for help.
