Heritage Bank liquidation: NDIC recovers further N24.3bn for depositors

The Nigeria Deposit Insurance coverage Company has recovered an extra N24.3bn from the property of the defunct Heritage Bank Restricted to facilitate the reimbursement of depositors with balances exceeding N5m on the time the financial institution’s licence was revoked.

This was disclosed in a press release signed by the Head, Communication and Public Affairs Division of the NDIC, Hawwau Gambo, on Sunday.

PidomNigeria On-line reviews that the Central Bank of Nigeria revoked the working licence of Heritage Bank on June 3, 2024, and appointed the NDIC as liquidator according to Part 12(2) of the Banks and Different Monetary Establishments Act 2020 and Sections 55(1) and (2) of the NDIC Act 2023.

In keeping with the assertion, the recovered funds have been derived from debt restoration, the sale of bodily property, and the realisation of investments.

The funds might be utilized to the fee of uninsured balances belonging to depositors with quantities above the N5m insured restrict.

“The second liquidation dividend is payable at a fee of 5.2 kobo per N1.00 on excellent balances, in accordance with Part 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared thus far to 14.4 kobo per N1.00. Funds might be effected utilizing depositors’ particulars already in NDIC information.

“Eligible depositors who beforehand acquired the insured sum and the primary tranche of liquidation dividends could have their different financial institution accounts robotically credited utilizing their Financial institution Verification Numbers. Depositors are suggested to examine their accounts for affirmation.

“Depositors with out different financial institution accounts or BVNs, or those that haven’t claimed their insured sum of as much as N5m or the primary liquidation dividend, ought to go to the closest NDIC workplace or full the e-claim type obtainable on the NDIC web site for immediate processing,” the assertion partly learn.

The NDIC had earlier declared a primary liquidation dividend of N46.6bn in April 2025, paid at a fee of 9.2 kobo per N1.00 on a pro-rata foundation to depositors whose account balances exceeded the statutory insured restrict of N5m as on the date of the financial institution’s closure.

For readability, the company defined {that a} liquidation dividend refers to funds made to depositors of a closed financial institution whose balances exceed the insured restrict, sourced from proceeds of asset gross sales, funding realisation, and debt restoration.

It added that solely in any case depositors have been totally reimbursed would funds be made to different collectors, and subsequently to shareholders, topic to the supply of funds.

The NDIC assured the general public that the fee represents solely the second liquidation dividend.

“Further funds shall be made topic to the realisation of property and the restoration of excellent money owed.

“The company stays dedicated to the well timed restoration of all excellent obligations and the immediate reimbursement of depositors,” it said.