Eighteen months after the June 3, 2024, revocation of the banking license of Heritage Bank Limited by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), on Sunday announced the declaration of a second liquidation dividend of ₦24.3 billion to depositors of the failed banks.
The corporation, a statement by Hawwau Gambo, head of its Communication & Public Affairs Department, defined a liquidation dividend as “the amount paid by the NDIC to depositors of a closed bank whose balances exceed the statutory insured limit, from proceeds of asset sales, investment realization, and debt recovery.”
Only after all depositors have been fully reimbursed, it stressed, “will payments be made to other creditors, and subsequently to shareholders, subject to the availability of funds.”
The liquidation dividend, it said in a notice, was derived from debt recovery, sale of physical assets, and realisation of investments, which will be applied to the payment of uninsured balances for depositors with funds exceeding the ₦5 million insured limit.
This second liquidation dividend, NDIC explained, is payable at a rate of 5.2 kobo per ₦1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023, bringing the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00.
Investdata News recalls that the corporation was appointed Liquidator of the failed Heritage Bank by the CBN in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023.
Upon its appointment, it started processing the claims and payment of insured deposits up to the statutory limit of N5 million from its Deposit Insurance Fund, and also immediately commenced the disposal of physical assets, recovery of debts, and realization of investments of the defunct bank.
These efforts enable the NDIC to declare its first liquidation dividend of ₦46.6 billion in April 2025, at a rate of 9.2 kobo per ₦1.00 paid on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of ₦5 million at the date of closure.
Subsequently, the Corporation continued to pursue the recovery of assets to enable further reimbursement to eligible depositors, leading to the second payment announced on Sunday, January 11, 2026.
Payment of the new dividend, the statement continued, will be effected using depositors’ details already in the NDIC records, assuring “eligible depositors who previously received the insured sum and the first tranche of liquidation dividends,” that their alternative bank accounts will be automatically credited using their Bank Verification Numbers (BVN).
Such depositors were advised to check their accounts for confirmation, adding that those without alternative bank accounts, BVNs, or who have not claimed their insured sum of up to ₦5 million or the first liquidation dividend to visit the nearest NDIC office or complete the e-claim form available at https://ndic.gov.ng/claims-verification-forms for prompt processing
