The Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of ₦46.6 billion as the first tranche of liquidation dividends to depositors with funds above the insured limit.
The payment is directed at ensuring that depositors of the defunct Heritage Bank are fully reimbursed.
A liquidation dividend represents the amount paid by the Corporation to depositors of a closed bank, in excess of the maximum insured limit, from the proceeds of sales of assets and recovery from debtors.
The payment of the first tranche of liquidation dividends commenced on April 25, 2025, at a rate of 9.2 kobo per Naira on a pro-rata basis.
The NDIC had previously begun reimbursing insured deposits of up to ₦5 million per depositor following the revocation of Heritage Bank’s operating license.
The Corporation leveraged existing records to facilitate the disbursement of the first tranche of liquidation dividends.
Depositors with amounts exceeding ₦5 million who were paid the insured amount but did not receive the liquidation dividend payment are advised to approach the nearest NDIC office or contact them by phone.