The Nigeria Deposit Insurance Corporation (NDIC) has announced a ₦24.3 billion second liquidation dividend for depositors of the defunct Heritage Bank with balances above the insured limit of ₦5 million.
NDIC made the declaration in a statement issued on Sunday by its Head of Communication and Public Affairs Department, Hawwau Gambo.
“It is in continuation thereof that the NDIC has now declared a second liquidation dividend of ₦24.3 billion.
“This amount, derived from debt recovery, sale of physical assets, and realisation of investments, will be applied to the payment of uninsured balances for depositors with funds exceeding the ₦5 million insured limit,” Gambo stated.
Pinnacle Daily recalls that the Central Bank of Nigeria (CBN) revoked Heritage Bank’s operating licence on June 3, 2024.
By September of that year, the NDIC said 84 per cent of the bank’s depositors with BVN-linked accounts had been paid.
In April of last year, the corporation also began paying ₦46.6 billion in liquidation dividends to depositors of the defunct bank.
Gambo explained that the second liquidation dividend would be paid at the rate of 5.2 kobo per ₦1.00 on outstanding balances, in line with Section 72 of the NDIC Act 2023.
She noted that this brings the total liquidation dividend declared so far to 14.4 kobo per ₦1.00.
“Payments will be effected using depositors’ details already in the 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 (BVN).
“Depositors are advised to check their accounts for confirmation,” Gambo said.
She advised depositors without alternative bank accounts or Bank Verification Numbers (BVNs), as well as those who have not claimed their insured deposits of up to ₦5 million or the first liquidation dividend, to visit the nearest NDIC office or complete the e-claim form.
“For clarity, a liquidation dividend is the amount paid by the NDIC to depositors of a closed bank whose balances exceed the statutory insured limit, from realisation and debt recovery,” Gambo said.
She added that payments to other creditors, and subsequently shareholders, would only be made after all depositors have been fully reimbursed and if sufficient funds remain.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
