Heritage Bank Liquidation: Depositors To Get N24bn

Defunct Heritage Bank depositors whose balances exceed the insured limit of N5 million will receive over N24 billion second liquidation dividend, according to the Nigeria Deposit Insurance Corporation, NDIC.

Recall that the NDIC had announced in September 2024 that 84 percent of bank’s depositors with BVN-linked accounts had been paid the first tranche of dividend.

Last year, depositors were also paid  over N46 billion from liquidation dividends

NDIC announcement comes two years after the commercial bank’s licence was withdrawn by the Central Bank of Nigeria, CBN. The bank stopped down business in June, 2024 after the CBN wielded the big stick.

According to a statement signed on Sunday by Hawwau Gambo, Head , Communication and Public Affairs department, “ the NDIC has now declared a second liquidation dividend of ₦24.3 billion.”

She said eligible depositors, who previously received the insured sum and the first tranche of liquidation dividends, will have their alternative bank accounts automatically credited using their BVN

According to her, the second liquidation dividend will be paid at a rate of 5.2 kobo per N1.00 on outstanding balances, in accordance with NDIC enabling Act 2023, urging depositors who have not received their payments to complete the e-form using their BVN and other required documents.

“This amount, derived from debt recovery, sale of physical assets, and realisation of investments, will be applied to the payment of uninsured balances for depositors with funds exceeding the ₦5 million insured limit.”

“Payments will be effected using depositors’ details already in the NDIC records,” she said.

Adding that “Eligible depositors, who previously received the insured sum and the first tranche of liquidation dividends, will have their alternative bank accounts automatically credited using their Bank Verification Numbers (BVN).

“Depositors are advised to check their accounts for confirmation.”