Heritage Bank Liquidation: NDIC Announces ₦24.3bn Second Dividend for Depositors
Story: written by Zara January 12,2026
The Nigeria Deposit Insurance Corporation (NDIC) has approved a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited, as efforts continue to recover assets and settle outstanding claims.
Earlier, in April 2025, the NDIC paid a first liquidation dividend of ₦46.6 billion, amounting to 9.2 kobo per ₦1, following proceeds realised from asset sales, debt recovery and investment liquidation.
Heritage Bank’s operating licence was withdrawn by the Central Bank of Nigeria (CBN) on June 3, 2024, in line with relevant provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023. This action led the NDIC to commence reimbursement of insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund.
According to a statement by the NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, the initial ₦46.6 billion dividend was paid on a pro-rata basis to depositors whose balances exceeded the insured threshold as at the date of the bank’s closure.
The newly declared ₦24.3 billion second dividend was generated from further debt recoveries, disposal of physical assets and the realisation of Heritage Bank’s investments. The funds will be used to offset uninsured balances above ₦5 million, payable at 5.2 kobo per ₦1 on outstanding amounts, in line with Section 72 of the NDIC Act 2023.
With this development, total liquidation dividends declared as of January 2026 now stand at 14.4 kobo per ₦1.
The NDIC stated that payments will be made automatically to eligible depositors using details already on its records. Depositors who have received previous payments will have their alternative bank accounts credited through their Bank Verification Numbers (BVN).
Those without alternative bank accounts, BVNs, or who are yet to claim their insured deposits or earlier dividends have been advised to visit the nearest NDIC office or submit an e-claim form.
The Corporation clarified that liquidation dividends are paid to depositors with balances above the insured limit, using proceeds from asset sales and recoveries. Other creditors and shareholders will only be considered after all depositors have been fully settled, subject to available funds.
