KEY POINTS

• NDIC distributes ₦46.6 billion in heritage bank profit to depositors from the assets obtained through recoveries.
• The first payment distribution process targets bank account holders whose balances exceed ₦5 million.
• Unpaid depositors need to present deposit verification forms in order to retrieve their money from the funds.

The Nigeria Deposit Insurance Corporation (NDIC) initiated the process to disburse ₦46.6 billion in liquidation dividends to the depositors of Heritage Bank which ended operations.

Head of Communication and Public Affairs Hawwau Gambo announced that NDIC generated these funds through Heritage Bank’s asset sales and debt collection process.

According to Gambo depositors who lost more than the insurance maximum in a closed bank receive payment from proceeds of debt collection combined with asset sales through liquidation dividends.

Heritage Bank lost its license to operate through Central Bank of Nigeria on June 3, 2024 which led NDIC to pay insured depositors up to ₦5 million each. After this step the corporation implemented Bank Verification Number (BVN) procedures for depositing insured funds directly into different accounts as it became feasible.

The initial payments focus on account holders whose balances surpass ₦5million

The first division of liquidation dividends initiated by NDIC began on April 25, 2025 and distributed 9.2 kobo per naira to depositors based on their pro-rata standings. NDIC directs these depositors to receive their payments because their accounts hold more than ₦5 million in funds.

The defunct Heritage bank depositors whose balance exceeded ₦5 million who have not received their dividend should contact the nearest NDIC office according to Gambo.

The deposit verification process through NDIC offices or www.ndic.gov.ng demands completion of the verification form by eligible depositors.

NDIC reaffirms commitment to asset recovery and reimbursements for Defunct Heritage bank depositors

Acquired funds from liquidation will reach both creditors and shareholders after verifying complete reimbursement for verified depositors. The NDIC maintains dedication to recovering every possible asset in order to achieve full payment reimbursement.

The verification process must be completed by depositors who do not link their BVN to alternate bank account to obtain both insured deposits and related dividend payments.

NDIC remains dedicated to keep bank depositor trust intact by executing its fund protection missions in bank liquidations.