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The Digest:

The Nigeria Deposit Insurance Corporation (NDIC) has recovered an additional N24.3 billion from the assets of the defunct Heritage Bank, to be paid to depositors who had balances exceeding the insured limit of N5 million. This marks the second tranche of liquidation dividends, bringing the cumulative payout rate to 14.4 kobo for every N1 owed.

Key Points:
  • The NDIC has recovered an additional N24.3 billion from Heritage Bank's assets.
  • The funds will pay uninsured balances to depositors with over N5 million when the bank fails.
  • This second liquidation dividend is payable at 5.2 kobo per N1 of the outstanding balance.
  • The cumulative payout rate now stands at 14.4 kobo per N1.
  • Payments will be made automatically to depositors' alternative accounts via their Bank Verification Number (BVN).
  • The first liquidation dividend of N46.6 billion was paid in April 2025.
  • The NDIC was appointed liquidator after the CBN revoked Heritage Bank's license in June 2024.
  • The corporation remains committed to further recoveries and reimbursements.
The recovery represents a critical step in fulfilling financial obligations to affected customers, restoring a measure of trust in the safety nets designed to protect depositors in a failing banking system.

Sources: Punch Newspapers
Tags: NDIC, Heritage Bank, Liquidation, Deposit Insurance, Banking, Nigeria, NB Digest