The Nigeria Deposit Insurance Corporation has recovered an additional N24.3 billion from the assets of the defunct Heritage Bank Limited to support repayment to depositors whose balances exceeded N5 million at the time the bank’s licence was revoked.

The was disclosed in a statement on Sunday by the Head of the NDIC’s Communication and Public Affairs Department, Hawwau Gambo.

It was earlier reported that the Central Bank of Nigeria revoked Heritage Bank’s operating licence on June 3, 2024, and appointed the NDIC as liquidator, in accordance with Section 12(2) of the Banks and Other Financial Institutions Act 2020 and Sections 55(1) and (2) of the NDIC Act 2023.

The statement said the recovered funds came from debt collection, the sale of physical assets, and the liquidation of investments.

The funds will be used to repay depositors holding uninsured balances above the N5 million insured limit.

“The second liquidation dividend is payable at a rate of 5.2 kobo per N1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared to date to 14.4 kobo per N1.00. Payments will be effected using depositors’ details already in NDIC records.

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

“Depositors without alternative bank accounts or BVNs, or those who have not claimed their insured sum of up to N5m or the first liquidation dividend, should visit the nearest NDIC office or complete the e-claim form available on the NDIC website for prompt processing,” the statement partly read.

In April 2025, the NDIC declared an initial liquidation dividend of N46.6 billion, paid at a rate of 9.2 kobo per N1 on a pro-rata basis to depositors with account balances exceeding the N5 million insured limit at the time of the bank’s closure.

For clarity, the NDIC explained that a liquidation dividend is a payment to depositors of a closed bank whose balances exceed the insured limit, funded through proceeds from asset sales, investment realisation, and debt recovery.

The corporation added that payments to other creditors, and subsequently to shareholders, would only be made after all depositors have been fully reimbursed, subject to available funds.

The NDIC assured the public that this payment represents only the second liquidation dividend.

“Additional payments shall be made subject to the realisation of assets and the recovery of outstanding debts.

“The corporation remains committed to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors,” it stated.