The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of ₦46.6 billion to depositors of the defunct Heritage Bank whose account balances exceeded the maximum insured limit of ₦5 million.
In a statement released on Sunday, the Corporation confirmed that the payment represents the first tranche of liquidation dividends following the recovery of assets and debts linked to the failed institution.
The payment process began on Friday, April 25, 2025.
The NDIC stated that the funds are being paid on a pro-rata basis at a rate of 9.2 kobo per naira for depositors with balances above the insured threshold.
The move follows the revocation of Heritage Bank’s licence by the Central Bank of Nigeria in June 2024 due to regulatory breaches.
According to the Corporation, the initial ₦5 million insured portion had been previously credited to affected depositors through alternate bank accounts identified via their Bank Verification Numbers.
The latest payment covers the excess balances and is part of the Corporation’s effort to ensure full settlement of verified claims.
The NDIC advised depositors who have yet to receive the new payment to contact its nearest office or complete a deposit verification form available on its official website.
Depositors without alternate bank accounts or unresolved claims are encouraged to complete the verification process promptly.
The Corporation reiterated that this disbursement is the first phase of liquidation payments and additional distributions will follow as further recoveries from Heritage Bank’s assets are realised.
The NDIC reaffirmed its commitment to safeguarding depositors’ interests, maintaining financial stability and enhancing public confidence in the Nigerian banking sector.
