The Nigeria Deposit Insurance Corporation has commenced the payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank.

The payments are being made to depositors whose funds exceeded the maximum insured limit of N5 million.

This was disclosed in a statement issued by the acting Head of Communication and Public Affairs at NDIC, Hawwau Gambo, on Sunday.

According to NDIC, the corporation has commenced the payment of the first tranche of liquidation dividends to eligible depositors of the closed bank, starting on Friday, April 25, 2025.

This initiative is aimed at ensuring that all qualified depositors are fully reimbursed.

“In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation has declared the first tranche of liquidation dividends totaling N46.6bn from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution,” the statement read.

The NDIC stated that the liquidation dividend is drawn from proceeds of the bank’s asset sales and debt recoveries, exceeding the maximum insured limit.

It further noted that payments may also be made to creditors and shareholders after all depositors have been fully settled.

The Corporation explained that the initial dividend was paid at a rate of 9.2 kobo per Naira, on a pro-rata basis, to depositors whose account balances exceeded the NDIC’s maximum insured limit of N5 million at the time of the bank’s closure.

The Central Bank of Nigeria revoked the banking licence of Heritage Bank on June 3, 2024, citing regulatory infractions.

Shortly after the revocation, the NDIC began paying insured deposits, swiftly reimbursing depositors up to the N5 million insured limit.

“To ensure seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount,” the NDIC stated.

The NDIC stated that it relied on the verified records from the insured deposit payment phase to facilitate the disbursement of liquidation dividends.

It also urged depositors with balances exceeding N5 million, who have not yet received the first tranche of dividends, to contact the Corporation.

“Consequently, any depositor with an amount in excess of N5m who was paid the insured amount but did not receive the payment of the liquidation dividends should approach the nearest NDIC office or contact us on the telephone numbers below,” it stated.

The Corporation also urged depositors who did not have an alternate bank account and have yet to receive their insured deposits to visit any NDIC office or download and complete a deposit verification form from its website for processing.

The Corporation also urged depositors who did not have an alternate bank account and have not received their insured deposits to visit any NDIC office or download and complete a deposit verification form from its website for processing.