The Nigeria Deposit Insurance coverage Company has authorised a second liquidation payout amounting to ₦24.3 billion for purchasers of the defunct Heritage {Bank} Restricted whose deposits exceeded the insured threshold.
The funds, which have been realised from debt restoration efforts, sale of the {bank}’s bodily property, and liquidation of its investments, will probably be distributed to depositors with balances above the statutory insured restrict of ₦5 million.
The event was introduced in an announcement issued on Sunday by the NDIC’s Head of Communication and Public Affairs Division, Hawwau Gambo.
Heritage {Bank}’s working licence was withdrawn by the Central {Bank} of Nigeria on June 3, 2024, after which the NDIC assumed the position of liquidator in keeping with Part 12(2) of the Banks and Different {Financial} Establishments Act 2020 and Sections 55(1 & 2) of the NDIC Act 2023.
Following its appointment, the Company commenced cost of insured deposits of as much as ₦5 million per depositor from the Deposit Insurance coverage Fund. Concurrently, it started recovering excellent money owed, disposing of bodily property, and realising investments belonging to the failed {bank}.
These restoration actions enabled the NDIC to declare an preliminary liquidation dividend of ₦46.6 billion in April 2025, which was paid at 9.2 kobo per ₦1.00 on uninsured deposits.
In its newest replace, the Company disclosed that the newly authorised second liquidation dividend of ₦24.3 billion can be paid at 5.2 kobo per ₦1.00 on remaining uninsured balances, in accordance with Part 72 of the NDIC Act 2023.
“This brings the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00,” the assertion stated.
The NDIC defined that funds can be processed utilizing depositors’ current data. Eligible prospects who’ve already obtained their insured deposits and first liquidation dividends may have their various {bank} accounts credited routinely via their {Bank} Verification Numbers.
Depositors have been suggested to observe their {bank} accounts to verify receipt of cost.
Prospects with out various {bank} accounts or BVNs, in addition to those that are but to say their insured deposits or the primary liquidation dividend, have been inspired to go to the closest NDIC workplace for assist.
The Company additional clarified that liquidation dividends apply solely to depositors whose balances exceeded the insured restrict and are paid from proceeds generated via asset gross sales, funding realisation, and debt restoration.
It added that settlement of claims by different collectors and shareholders would solely be thought of in spite of everything depositors have been absolutely reimbursed, topic to the provision of funds.