The Nigeria Deposit Insurance Corporation (NDIC) has announced the recovery and distribution of an additional ₦24.3 billion to depositors of the defunct Heritage Bank Limited, offering renewed relief to customers affected by the bank’s liquidation.
In a statement, the corporation said the amount represents a second liquidation dividend and will be paid to eligible depositors whose account balances exceeded the insured limit of ₦5 million at the time the bank’s operating licence was revoked.
Heritage Bank’s licence was withdrawn by the Central Bank of Nigeria (CBN) on June 3, 2024, a development that left many customers uncertain about the fate of their funds. Following the revocation, the NDIC was appointed liquidator and promptly paid insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund.
The challenge, however, was compensating customers with uninsured balances. To address this, the NDIC embarked on asset recovery efforts, including the sale of the bank’s properties, recovery of outstanding loans and realisation of investments linked to the failed lender.
According to the NDIC, the newly approved ₦24.3 billion will be paid at the rate of 5.2 kobo per naira on depositors’ outstanding uninsured balances. This brings the total liquidation dividend paid so far to 14.4 kobo per naira.
Depositors who had earlier received their insured funds and the first tranche of liquidation dividend will have the new payment credited automatically to their bank accounts using their Bank Verification Numbers (BVN).
The corporation advised depositors who are yet to provide BVN details, do not have alternative bank accounts or have not claimed previous payments to visit any NDIC office or use its online e-claims portal to complete the process.
NDIC explained that liquidation dividends are paid from proceeds of asset disposals, debt recoveries and investment realisations, and are prioritised for depositors with uninsured balances ahead of other creditors and shareholders.
While noting that further payments will depend on the success of ongoing recovery efforts, the corporation said the latest disbursement reflects steady progress in the resolution of Heritage Bank and reaffirms its commitment to protecting depositors’ interests.
