The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of funds to depositors of the defunct Heritage Bank, whose account balances exceeded the NDIC’s maximum insured limit of N5 million at the time of the bank’s closure.
This was disclosed in a statement signed by Hawwau Gambo, NDIC’s acting head of Communication and Public Affairs.
The corporation has initiated the first disbursement of liquidation dividends, totalling N46.6 billion, sourced from the sale of the defunct bank’s assets and the recovery of outstanding debts.
In June 2024, the Nigerian federal government revoked Heritage Bank Plc’s banking license due to its failure to improve financial performance, which posed a risk to the country’s financial stability.
As part of its commitment to fully reimburse depositors of the failed bank, NDIC began the disbursement process on Friday, April 25, 2025.
The dividend payment is being made at the rate of 9.2 kobo per naira on a pro-rata basis to those depositors whose balances exceeded the N5 million insured limit.
The statement further clarified that NDIC is utilizing depositors’ Bank Verification Numbers (BVNs) to identify their alternate bank accounts for reimbursement.
It read:
“It will be recalled that following the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC promptly began reimbursing insured deposits of up to N5 million per depositor. To ensure a seamless and efficient payment process, the NDIC used the Bank Verification Number (BVN) to locate alternate account numbers for depositors in other banks, automatically crediting them with the insured amount.”
Additionally, the NDIC has urged depositors with balances exceeding N5 million who have not yet received their payment to visit the nearest NDIC office.
Depositors without an alternate bank account should also visit the nearest NDIC office or complete and submit the deposit verification form on the NDIC website to facilitate the payment of the insured amount.
