For thousands of customers left in limbo after the closure of Heritage Bank Limited, hopes of recovering lost funds have received a fresh boost.
In a significant move in the past days, the Nigeria Deposit Insurance Corporation (NDIC) announced it will distribute ₦24.3 billion as a second liquidation dividend to eligible depositors whose balances exceeded the statutory insured limit of ₦5 million at the time the bank’s licence was revoked.
The announcement follows the tumultuous revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, a decision that triggered financial stress for many account holders and raised questions about how much of their funds could ever be recovered.
When the NDIC took over as liquidator, it moved swiftly to pay insured deposits of up to ₦5 million per depositor, tapping into its Deposit Insurance Fund to ensure immediate relief. But the bigger challenge lay in reimbursing customers with larger, uninsured balances.
To bridge that gap, the corporation embarked on a rigorous campaign to recover assets, selling physical properties, collecting outstanding debts, and realising investments tied to the failed bank.
The fruits of those efforts are now materialising. The newly declared ₦24.3 billion second liquidation dividend will be paid to eligible depositors at 5.2 kobo per ₦1 on their outstanding uninsured balances, pushing the cumulative payout so far to 14.4 kobo per ₦1.
For many former customers, this payment represents more than just a number, it’s a step toward closure.
Under the NDIC’s streamlined process, those who already received the first tranche and their insured sums will have the funds automatically credited to their bank accounts via their Bank Verification Numbers (BVN).
The corporation has also urged those without alternative accounts or BVNs, or those yet to claim previous payouts, to visit NDIC offices or use the online e-claim portal to ensure they are included in the next round of disbursements.
According to the NDIC, the Heritage Bank liquidation dividends, paid from proceeds of asset disposals, debt recovery, and investment realisations, are meant to ensure that depositors with uninsured balances are fairly compensated ahead of other creditors and shareholders.
But final settlement remains contingent on the continued recovery of the bank’s assets.
The latest payout, while not a full recovery for many, signals progress in one of Nigeria’s most closely watched bank resolutions, and offers reassurance that systems designed to protect depositors can still deliver results, even in complex liquidation scenarios.
