Efforts to cushion the impact of the Heritage Bank collapse have gained renewed momentum as the Nigeria Deposit Insurance Corporation (NDIC) recovers an additional N24.3 billion from the bank’s liquidated assets, boosting repayments to affected depositors. The recovery, realized through aggressive debt collection, sale of physical assets, and the liquidation of investments, is targeted at customers whose account balances exceeded the statutory insured limit of N5 million at the time the bank’s licence was revoked.
Heritage Bank’s operating licence was withdrawn by the Central Bank of Nigeria on June 3, 2024, after which the NDIC was appointed liquidator in line with the provisions of the Banks and Other Financial Institutions Act 2020 and the NDIC Act 2023. Since then, the Corporation has been working to recover value from the bank’s assets and return funds to depositors. With this latest recovery, the NDIC has declared a second liquidation dividend, bringing cumulative payouts to 14.4 kobo for every naira owed to eligible depositors.
The new tranche will be paid automatically into depositors’ alternative bank accounts already captured in NDIC records, using their Bank Verification Numbers. Customers are advised to confirm credits directly with their banks. Depositors who are yet to receive either their insured sum of up to N5 million or earlier liquidation payments have been encouraged to visit any NDIC office nationwide or submit claims through the Corporation’s online e-claims platform for faster processing.
Earlier in April 2025, the NDIC paid out N46.6 billion as the first liquidation dividend, representing 9.2 kobo per naira, to depositors with balances above the insured threshold. Together, the two tranches underscore the Corporation’s ongoing efforts to maximise asset recovery and reduce losses suffered by customers.
The NDIC clarified that liquidation dividends are paid only after insured deposits have been settled and are funded strictly from recovered assets and outstanding debts of the failed bank. Other creditors and shareholders will only be considered after all depositors have been fully reimbursed, subject to available funds.
The Corporation also assured depositors that further payments may follow as more assets are realised and additional debts recovered, reaffirming its commitment to protecting depositors and maintaining confidence in Nigeria’s banking system
