NDIC Begins ₦46.6 Billion Payout to Heritage Bank Depositors in First Liquidation Dividend

In a decisive move to protect depositors and restore confidence in the banking sector, the Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of ₦46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank Plc who have funds exceeding the insured limit.

According to Hawwau Gambo, Acting Head of Communication and Public Affairs at NDIC, a liquidation dividend is the amount paid to depositors beyond the maximum insured limit, sourced from the sale of the bank’s assets and recovery of debts. It also includes payouts to creditors and shareholders, but only after all depositors have been fully reimbursed.

Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s operating license on June 3, 2024, the NDIC swiftly moved into action. It first reimbursed insured depositors — those with balances up to ₦5 million — using Bank Verification Numbers (BVN) to automatically credit alternative bank accounts, ensuring a seamless and efficient process.

Now, in fulfillment of its commitment to fully reimburse depositors, the Corporation has rolled out the first tranche of liquidation dividends at a rate of 9.2 kobo per Naira, on a pro-rata basis. Payments started on Friday, April 25, 2025, targeting depositors whose balances exceeded the insured threshold at the time of the bank’s closure.

Depositors who had amounts above ₦5 million but have not yet received this liquidation dividend are urged to visit the nearest NDIC office or call the Corporation’s helplines. Similarly, depositors who did not maintain alternative bank accounts are advised to visit NDIC’s claims page at www.ndic.gov.ng to download, complete, and submit the deposit verification form for further processing.

The NDIC reassures the public that this is only the beginning. As more of Heritage Bank’s assets are sold and additional debts recovered, further payments will follow. The Corporation remains steadfast in its mission to protect depositors, recover assets, and maintain stability in the financial system.

For enquiries, depositors can email claimscomplaints@ndic.gov.ng or contact the Claims Resolution Department on weekdays between 9:00 a.m. and 5:00 p.m. via:

• 0810 422 0807
• 0810 931 3326
• 0903 819 7064
• 0906 465 7140
• 0903 727 3810

The NDIC remains committed to ensuring that no eligible depositor is left behind.

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