The Nigeria Deposit Insurance Corporation says it has paid ₦54.62 billion to 691,418 depositors of the defunct Heritage Bank and declared a liquidation dividend of 9.2 kobo per naira for uninsured depositors.

NDIC’s new Managing Director/Chief Executive, Mr. Thompson Sunday, revealed this during a courtesy visit to the Central Bank of Nigeria headquarters in Abuja, where he also proposed a joint crisis-preparedness framework with the apex bank.

Heritage Bank’s licence was revoked by the CBN in 2024, with the NDIC appointed as liquidator.

During the meeting with the CBN management, including Governor Olayemi Cardoso, NDIC Managing Director Thompson Sunday urged the apex bank to work with the Corporation in developing a joint crisis-preparedness framework to strengthen crisis management.

In his remarks, Cardoso congratulated the new NDIC Managing Director and the Executive Director of Operations on their appointments, expressing confidence in fostering stronger collaboration between both institutions.

“Our meeting today is a clear testament to our willingness to work together. The CBN counts on NDIC’s support in navigating the uncertain times that we are in,” Cardoso said.

He emphasised that the visit reflected the shared commitment of both institutions to deepen collaboration in safeguarding Nigeria’s financial system amid evolving economic challenges.

Cardoso noted that his two years in office had provided critical lessons in the financial sector, highlighting the need for the CBN and NDIC to proactively address potential shocks using modern tools to safeguard financial stability. He described the NDIC’s visit as timely and urged both institutions to work closely to mitigate risks and maintain depositor confidence.

Also speaking, the CBN’s Director of Financial Policy and Regulation, Mrs. Rita Sike, said the proposed joint crisis-preparedness framework could be implemented under the Financial Services Regulation Coordinating Committee.

Mr. Sunday reaffirmed the NDIC’s commitment to working with the CBN to strengthen financial system stability, while appreciating the apex bank’s support in premium collection from insured institutions. He highlighted the Corporation’s recent achievements, including the payment of ₦54.62 billion to 691,418 depositors of the defunct Heritage Bank, the declaration of a liquidation dividend of 9.2 kobo per naira to uninsured depositors within a year of the bank’s closure, and ongoing efforts to develop a target funding framework.