NDIC declares N24.3bn second liquidation dividend for Heritage Bank depositors

The Nigeria Deposit Insurance coverage Company (NDIC) has declared a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank Ltd., following continued restoration of the financial institution’s belongings.

The Central Bank of Nigeria (CBN) had revoked the banking licence of Heritage Bank on June 3, 2024, after which the NDIC was appointed liquidator in keeping with Part 12(2) of the Banks and Different Monetary Establishments Act (BOFIA) 2020 and Sections 55(1 and a pair of) of the NDIC Act 2023.

Upon its appointment, the company started cost of insured deposits of as much as N5 million per depositor from the Deposit Insurance coverage Fund, whereas additionally initiating the disposal of bodily belongings, restoration of money owed and realisation of investments of the failed financial institution.

Consequently, the NDIC declared a primary liquidation dividend of N46.6 billion in April 2025, paid at a fee of 9.2 kobo per N1 to depositors whose balances exceeded the insured restrict of N5 million, on a pro-rata foundation.

The company stated the newly declared second liquidation dividend of N24.3 billion was generated from additional debt restoration, sale of belongings and funding realisation, and could be utilized to uninsured deposits above the N5 million threshold.

In response to the NDIC, the second dividend is payable at a fee of 5.2 kobo per N1 on excellent balances, in keeping with Part 72 of the NDIC Act 2023, bringing the cumulative liquidation dividend paid to date to 14.4 kobo per N1.

Funds, the company stated, could be made utilizing depositors’ particulars already in its information, with eligible depositors robotically credited by way of their various financial institution accounts utilizing their Financial institution Verification Numbers (BVN).

The NDIC suggested depositors with out various financial institution accounts or BVNs, in addition to those that are but to assert their insured deposits or the primary liquidation dividend, to go to the closest NDIC workplace for help.

(NAN)