NDIC Begins N46.6bn Payout to Heritage Bank Depositors
The Nigeria Deposit Insurance Corporation (NDIC) has announced that it has commenced the payment of ₦46.6 billion in liquidation dividends to individuals who had deposits with Heritage Bank, which is no longer operating.
According to an announcement released on Sunday by Hawwau Gambo, the NDIC’s Acting Head of Communication and Public Affairs, these funds were generated through the sale of bank assets and debt recovery efforts.
Gambo described the nature of these payments, stating, “Depositors with balances exceeding ₦5 million who did not receive their liquidation dividends should visit the nearest NDIC office. Depositors without alternative bank accounts who have not paid the insured amount should also visit NDIC offices or download forms from www.ndic.gov.ng. Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends.”
The financial regulatory body began distributing the initial portion of liquidation dividends on April 25. This first payment provides 9.2 kobo per naira on a proportional basis to those whose deposits exceeded the ₦5 million threshold.
The NDIC has indicated that additional payments will follow as more assets are liquidated and outstanding debts are collected from the closed bank.
After the Central Bank of Nigeria revoked Heritage Bank’s operating license on June 3, 2024, the NDIC promptly reimbursed insured deposits up to the ₦5 million limit. To facilitate this process, the corporation utilized customers’ Bank Verification Numbers to identify alternative accounts for the automatic deposit of the insured amounts.
The corporation has emphasized its dedication to recovering assets and ensuring complete reimbursement to all qualifying depositors of the former financial institution.
