NDIC commences payout to defunct Heritage Bank top depositors

The Nigeria Deposit Insurance Corporation, NDIC, has begun outgo of N46.6 cardinal arsenic the archetypal tranche of liquidation dividends to depositors of the defunct Heritage Bank, whose funds exceeded the maximum insured bounds of N5 million.

The acting Head of Communication and Public Affairs of NDIC, Hawwau Gambo, made this announcement successful a connection connected Sunday.

DAILY POST reports that the Central Bank of Nigeria revoked the banking licence of Heritage Bank connected June 3, 2024, citing regulatory infractions.

The NDIC, soon aft the revocation had commenced the outgo of insured deposits, promptly reimbursing depositors up to the N5m insured threshold.

According to the NDIC, the outgo of the archetypal tranche of liquidation dividends started connected Friday, April 25, 2025, and is aimed astatine ensuring that each eligible depositors of the closed slope are adequately reimbursed.

“In its continued committedness to ensuring that depositors of the defunct Heritage Bank are afloat reimbursed, the Nigeria Deposit Insurance Corporation has declared the archetypal tranche of liquidation dividends totaling N46.6bn from the proceeds of income of the defunct bank’s assets and betterment of debts owed to the defunct institution,” the connection read.

The Corporation noted that the liquidation dividend represents the magnitude paid to depositors from the proceeds realised from the merchantability of the bank’s assets and betterment of outstanding debts, successful excess of the maximum insured limit.

It explained that it could besides see amounts yet paid to creditors and shareholders aft each depositors person been afloat settled.

The NDIC, portion providing details connected the mode of payment, stated that the archetypal dividend was disbursed astatine the complaint of 9.2 kobo per Naira connected a pro-rata ground to the depositors whose relationship balances exceeded the NDIC’s maximum insured bounds of N5.0m arsenic astatine the clip of the bank’s closure.

“To guarantee seamless and businesslike outgo process, the NDIC utilized the depositors’ Bank Verification Number to find alternate relationship numbers of depositors successful different banks and automatically credited them with the insured amount,” the Corporation said.

The NDIC noted that it besides relied connected the verified records utilized during the insured deposit outgo signifier to facilitate the liquidation dividend disbursement.

It, however, urged depositors whose balances exceeded N5m and who person yet o person the archetypal tranche of liquidation dividends to interaction the Corporation.

The Corporation besides called connected depositors who did not support an alternate slope relationship and who had not received adjacent their insured deposits to sojourn immoderate NDIC bureau oregon download and implicit a deposit verification signifier from its website for processing.