The Nigeria Deposit Insurance Corporation (NDIC) has announced that it will begin paying the first tranche of liquidation dividends to depositors of Heritage Bank before the end of April 2025.
Heritage Bank’s licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, following its financial challenges. Since then, the NDIC has taken over the resolution process to ensure depositors get their money back.
Speaking during the NDIC Special Day at the 36th Enugu International Trade Fair on Wednesday, NDIC’s Managing Director and Chief Executive Officer, Mr. Bello Hassan, assured that depositors will begin receiving part of their money this April.
Represented at the event by Mrs. Pamela Robert, the South-East Zonal Coordinator and Assistant Director, Mr. Hassan said the corporation has made significant headway in selling off the bank’s physical assets and recovering outstanding debts.
“We have commenced preparations to pay the first tranche of liquidation dividends this month – April 2025,” Hassan announced.
He added that within four days of the bank’s closure, insured deposits of up to N5 million per depositor were paid out to affected customers. According to NDIC, this was made possible by swift action taken immediately after the CBN revoked the bank’s licence.
However, he urged depositors who are yet to receive their payment to come forward and complete the necessary documentation. These include Bank Verification Numbers (BVN) and alternate bank account numbers to enable smooth processing of their claims.
“I therefore urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the account,” he said.
Hassan further explained that NDIC has a strong history of successfully managing failed banks in Nigeria. He noted that the corporation has declared full liquidation dividends for depositors of 20 previously closed banks, adding that similar results are expected with Heritage Bank.
The NDIC boss assured the public that the organisation has both the financial strength and technical capacity to reimburse all verified depositors, as recoveries from the failed bank continue to roll in.
He said, “We have a proven track record and we are confident in our ability to ensure every depositor gets their money as soon as assets are recovered.”
According to Hassan, the NDIC’s mission is not only to protect depositors but also to support financial system stability in the country. He said their work helps to build public trust in the banking system, which is essential for the growth of the Nigerian economy.
The NDIC plays a critical role in Nigeria’s banking ecosystem by providing insurance cover for depositors’ funds, resolving failed banks, and maintaining confidence in the financial sector.
As the liquidation of Heritage Bank progresses, NDIC says it will continue to update the public and maintain transparency in the entire process.
