The Nigeria Deposit Insurance Corporation (NDIC) has commenced the distribution of ₦46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank.

This announcement was made by Hawwau Gambo, the Acting Head of Communication and Public Affairs at the NDIC. Gambo explained that these funds were obtained from the sale of the bank’s assets and the recovery of debts owed.

She stated, “A liquidation dividend is paid to depositors of a closed bank, beyond the maximum insured limit, using proceeds from asset sales and debt recovery.”

Additionally, she noted that these dividends may also include payments to creditors and shareholders after all depositors have been fully reimbursed.

The first tranche of liquidation dividends began on April 25, with initial payments set at 9.2 kobo per naira on a pro-rata basis for depositors with balances exceeding ₦5 million.

Gambo emphasized, “Depositors with balances exceeding ₦5 million who did not receive their liquidation dividends should visit the nearest NDIC office.”

In the wake of the Central Bank of Nigeria’s revocation of Heritage Bank’s licence on June 3, 2024, the NDIC reimbursed insured deposits up to N5 million.

To facilitate the process, NDIC utilized depositors’ Bank Verification Numbers (BVN) to locate alternate accounts and automatically credit insured amounts.

“Depositors without alternative bank accounts, who were not paid the insured amount, should also visit NDIC offices or download forms from www.ndic.gov.ng,” Gambo added.

To receive their insured amounts and, where applicable, the first tranche of dividends, depositors must complete and submit a deposit verification form.

Gambo concluded by reaffirming NDIC’s commitment to asset recovery and the reimbursement of all eligible depositors.

Vanguard News