Victor EzejaThe Nigeria Deposit Insurance Corporation (NDIC) has begun the payment of ₦46.6 billion as liquidation dividends to defunct Heritage Bank depositors who had funds more than the insured limit of ₦5 million.
According to a statement signed by the NDIC Acting Head of Communication and Public Affairs, Hawwau Gambo, the payment began on Friday, 25 April 2025.
Join our WhatsApp ChannelThe statement said the payment is the first tranche of liquidation dividends, clarifying that more payments would be made when more assets of the defunct Heritage Bank are realized and outstanding debts are recovered.
The NDIC explained that the current liquidation dividend comes from the funds realised from the sale of Heritage Bank’s assets and the recovery of outstanding debts owed to the bank prior to its closing.
“This payment represents only the first tranche of liquidation dividends. Further payments will follow as more assets of the defunct Heritage Bank are realized and outstanding debts are recovered,” the statement assured.
The NDIC reassured its commitment to protecting depositors and ensuring that all eligible claimants receive their funds in due course.
It would be recalled that Heritage Bank’s operating license was revoked by the Central Bank of Nigeria (CBN) on 3 June 2024, over failing financial health. The NDIC was given the mandate to liquidate the bank and ensure that depositors did not lose their funds. The corporation subsequently refunded insured depositors up to ₦5 million, being the maximum coverage for each account and promised that those with funds exceeding ₦5 million would be reimbursed when funds are realised through the recovery of assets.
NDIC used depositors’ Bank Verification Numbers (BVN) to locate their alternate accounts and credited beneficiaries automatically.
READ ALSO: Six Shocking Facts About Heritage Bank Liquidation You Should Know
Addressing the issue about depositors who are yet to access their funds, the Corporation advised depositors with amounts over ₦5 million who have not received their liquidation dividend to contact the nearest NDIC office or call designated numbers for assistance.
It also stated that depositors without alternate bank accounts who have not previously been paid should complete and submit a deposit verification form available on the NDIC’s website.
For further enquiries, affected depositors can email claimscomplaints@ndic.gov.ng or call the Claims Resolution Department on weekdays between 9:00 a.m. and 5:00 p.m. via the following numbers: 0810 422 0807, 0810 931 3326, 0903 819 7064, 0906 465 7140, and 0903 727 3810.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
