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to eligible depositors whose balances exceeded the statutory insured limit of ₦5 million at the time the bank’s licence was revoked.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.

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This strategic move marks a crucial step in the liquidation process aimed at settling uninsured depositor claims.

Why This Sale Matters

• As liquidator, the NDIC is legally empowered under Section 62(1)(d) of its Act to recover assets from failed financial institutions. The current asset disposal serves a dual purpose: reclaiming value and fulfilling pending deposits owed to uninsured customers, beyond the insured ₦5 million threshold per account holder.
• Heritage Bank’s closure in June 2024 triggered swift action: insured depositors were reimbursed within days using BVN information. Now, NDIC is extending the recovery drive to address uninsured deposits and creditor claims.

What’s Up for Auction

The sale includes:

• Landed properties, chattels, vehicles, and equipment across multiple locations nationwide
• Assets connected not only to Heritage Bank, but also to the now-defunct Fortune Bank and United Commercial Bank.

This initiative covers multiple states, with public auctions scheduled in major cities facilitated under strict procurement and competitive bidding guidelines.

Auction Process Details

• Interested parties can inspect assets before bidding begins
• A 10% bid security is required to participate
• Financial institutions purchasing properties may receive priority—ensuring continued banking services to the public. However, private and corporate bidders are welcome within the open auction framework.

Payouts & Financial Relief

Proceeds from the auction will prioritise:

1. Uninsured depositors—those with balances exceeding ₦5 million at the time of each bank’s liquidation
2. Bank creditors and shareholders, once depositor obligations are fully met.

In April 2025, NDIC disbursed the first ₦46.6 billion in liquidation dividends to Heritage Bank depositors, covering balances above insured limits.

Why It Matters

This auction is more than a bureaucratic procedure—it’s NDIC’s commitment to:

• Protecting public confidence in Nigeria’s financial system
• Restoring stability following bank failures
• Ensuring fairness, so depositors recover as much as possible and creditors are appropriately compensated.

The transparent process being followed helps reinforce trust and maintain stability in deposit-taking institutions.

What to Watch For

• Auction schedule: Watch for notices in NDIC offices across Abuja, Lagos, Kano, Enugu, Port Harcourt, and Bauchi
• Claim submissions: Depositors still owed should continue submitting BVN and account proofs via NDIC channels
• Future recoveries: More liquidation dividends are expected as further assets are converted to cash

By efficiently realising the value of these properties, the NDIC aims to bring closure to affected depositors and maintain the integrity of Nigeria’s banking sector.

The post What Nigerians Should Know | NDIC Opens Sale of Properties from Defunct Heritage, Fortune & United Commercial Banks appeared first on Tech | Business | Economy.

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.

The post NDIC Begins N46.6 Billion Disbursement to Depositors of Defunct Heritage Bank appeared first on Tech | Business | Economy.

The South African pay-TV operator disclosed this loss in its financial results for the six months ending September 30, 2024.

The initial deposit, which stood at N33.7 billion as of March 31, 2024, had already been reduced to N31.6 billion prior to the bank’s closure, due to cash remittances. 

Heritage Bank’s banking licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, and the Nigeria Deposit Insurance Corporation (NDIC) was appointed as the liquidator.

In its statement, MultiChoice explained that the deposit was written off as part of its operating expenses for the period under review. “Following the revocation of Heritage Bank’s banking licence and its subsequent liquidation, the group has written off its receivable relating to the cash held with the bank,” the company noted.

The financial setback is compounded by the continuing depreciation of the naira, which has led to additional foreign exchange losses for the company. 

MultiChoice also reported a reduction in funds repatriated from Nigeria, with $65 million extracted in the first half of FY24, down from $91 million in the previous year.

At the end of September 2024, MultiChoice held $11 million in cash in Nigeria, a significant drop from the $39 million reported at the close of FY24. 

Not giving in to these challenges, the company has focused on remitting cash from Nigeria, although the process has been hindered by the weaker naira and the substantial write-off related to Heritage Bank.

Although the amount MultiChoice is seeking to recover exceeds the maximum insured deposit of N5 million per depositor, the NDIC has stated it is working to ensure that all depositors, including those with balances above the insured limit, are reimbursed through dividends from the liquidation of the bank’s assets.

These financial challenges have added to MultiChoice’s issues in Nigeria, where it has faced an 18% drop in active DStv subscribers and a decrease in overall revenue. 

The post MultiChoice Writes Off N31.6 Billion Following Heritage Bank’s Liquidation appeared first on Tech | Business | Economy.

This was contained in a statement signed by Bashir Nuhu, director, Communication & Public Affairs of the corporation, on Sunday.

The payment, Techeconomy gathered, was achieved using Bank Verification Numbers (BVN) as a unique identifier to locate depositors’ alternate ac­counts in other banks.

However, depositors with balances exceeding 5 million naira have been paid the initial insured sum of 5 million naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realisation of the defunct bank’s assets and recovery of debts owed to the defunct bank.

“This unprecedented achieve­ment of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms marks a historic shift for the NDIC in the prompt reim­bursement of depositors with payment of about 82.36 percent of the total insured deposit to date”, the statement added.

Following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the Nigeria Deposit Insurance Corporation (NDIC) was appointed as liquida­tor and the corporation, following Section 12(2) of BOFIA 2020 and Section 55 subsections 1 & 2 of the NDIC Act 2023, immediately commenced the process of veri­fication and payment to insured depositors.

The corporation added that the next stage is the payment of insured deposits.

“It is instructive to state that, the remaining 17.64 percent of the insured deposits yet to be paid were largely depositors whose ac­counts have post no debits (PND) instructions or have no BVN.

“Others are those with no al­ternative accounts in other banks or accounts with KYC limit on the maximum lodgement per day and are yet to come forward for veri­fication.

“This category of depositors are presently being contacted by the corporation through tele­phone calls and text messages to come forward for verification”, it added.

The statement added, “Not­withstanding the significant progress recorded in the payment of the insured deposits, we are, however, not unmindful of the uninsured deposits, which constitute the larger portion of the total deposits of the defunct bank.

The post NDIC Pays 82.3% Insured Depositors of Liquidated Heritage Bank appeared first on Tech | Business | Economy.

According to the Statement sighted by Techeconomy, the new guidelines aim to simplify the processing of funds for various types of account holders, including corporate, minor, estate, and individual accounts.

To facilitate swift processing, depositors must provide the following:

• Passport photo
• Proof of account ownership
• Copy of valid national ID
• Valid phone number
• Bank Verification Number (BVN)
• Active alternate account in another commercial bank

The NDIC has also outlined important steps to expedite the verification process:

Create Accounts: For corporate accounts, ensure your alternate account has the same name and details as your corporate account in Heritage Bank (in liquidation).

Transaction Alerts: Activate transaction alerts on your alternate account to stay updated on payment status. If alerts are not active, check your balance using your bank’s USSD code or visit your bank.

Joint Accounts: For joint account holders, ensure your alternate account is also joint with matching details.

Accounts for Minors: Alternate accounts for minors must have the same name, signatory, and BVN as the Heritage Bank account.

Estate Accounts: Submit a Letter of Administration for estate accounts as part of the verification process.

The NDIC statement reads:

“Dear Heritage Bank Depositors (Corporate, Minor, Estate, and Individual account holders), as we continue to process your claims, we want to ensure smooth and swift processing of your insured sum payment. If you have not been verified and paid your insured sum, please visit the nearest NDIC zonal office nationwide with the required documents.”

For more details and to access the electronic form, visit the website.

The post NDIC Announces New Requirements for Defunct Heritage Bank Account Verification appeared first on Tech | Business | Economy.

MultiChoice Group reported a solid financial performance for the year ending March 31, 2024. The company successfully launched new ventures like Showmax, a video streaming service, and SuperSportBet, a sports betting platform, alongside their existing offerings. 

However, MultiChoice’s Nigerian operations faced some issues. The company saw an 18% decline in active DStv subscribers and a decrease in its overall revenue contribution from Nigeria. 

This decline is likely due to a combination of factors, including economic challenges in Nigeria, leading to inflation exceeding 30%, and two price hikes implemented by MultiChoice during the year. 

The price increases led to customer dissatisfaction and legal challenges, with the Competition and Consumer Protection Tribunal (CCPT) imposing a fine and ordering a one-month free subscription for Nigerian customers.

Further complicating matters is the liquidation of Heritage Bank, where MultiChoice held a pre-liquidation balance of N33.7 billion (ZAR 488 million).

This amount exceeds the N5 million maximum payout guaranteed by the Nigeria Deposit Insurance Corporation (NDIC). MultiChoice is now engaged with the NDIC to recover a “reasonable outcome” on their deposit.

Recovering the full amount of this revenue depends on the successful sale of the bank’s assets by the NDIC. MultiChoice’s financial performance in Nigeria might also be impacted by the subscriber decline and ongoing legal disputes.

Despite these challenges, MultiChoice’s overall financial health appears good. The success of its new ventures and its service expansion offerings makes the company ready for long-term growth. 

The post MultiChoice Had N31.6 Billion Stuck in Liquidated Heritage Bank appeared first on Tech | Business | Economy.

The Body has also directed its Committee on Banking Regulations to probe the circumstances surrounding the failure of Heritage bank.

The resolutions followed a motion of urgent public importance moved by Uchenna Okonkwo (LP, Anambra) on Tuesday during plenary.

Recall that the Central Bank Of Nigeria (CBN), on June 3rd revoked the license of the bank, citing its violation of Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.

Consequently, the CBN appointed Nigeria Deposit Insurance Corporation (NDIC) as the liquidator, pursuant to Section 12(2) of BOFIA, 2020.

The NDIC announced that depositors of the bank who have alternate accounts within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account.

According to NDIC, depositors with funds in excess of N5 million are to be paid liquidation dividends upon realization of the bank’s assets and recovery of debts owed to the bank.

In the motion, Okonkwo said the liquidation process could disproportionately affect some depositors who have above the N5 million threshold.

He noted that “limiting compensation to N5 million is deeply inadequate to alleviate the substantial losses experienced by depositors who had placed their trust in Heritage Bank, exacerbating their financial distress and uncertainty.”

The lawmaker said the CBN failed to disclose the status of the bank to the public, in order for depositors to take adequate action.

“This lack of transparency has not only eroded public trust in the banking system and regulatory bodies but has also intensified the distress and uncertainty faced by depositors who relied on the bank for their financial security,” Okonkwo said.

The post Why Reps Ask CBN to Investigate Management of Failed Heritage Bank appeared first on Tech | Business | Economy.

NDIC, who was appointed liquidator of the failed Heritage Bank by the Central Bank of Nigeria said that it would ensure the payment is done within one week.

Bello Hassan, Managing Director of the NDIC, at a press conference held on Wednesday in Abuja, revealed that customers whose funds were N5m or less were 99 per cent of the 2.3 million depositors of the bank.

Hassan said, “Our primary objective is to protect depositors and maintain financial system stability. We will start by paying depositors the maximum insured amount of N5m, leveraging the Bank Verification Number facility.”

“Our focus is on depositors and creditors, with depositors taking priority. We will start by paying depositors the maximum insured amount of N5m. Depositors with alternate bank accounts can visit any NDIC branch for payment, while those without can use the NDIC website to claim their insured amount.”

He also noted that the NDIC would later focus on paying uninsured deposits and creditors, from proceeds of the liquidation of the bank’s assets.

With about N650bn in deposits and N700bn in loans, the NDIC aims to recover as much as possible, empowered by the NDIC Act 2023. Hassan assured the public that the agency would leverage its powers to achieve this goal efficiently.

“After paying depositors, we will move on to creditors. Our preliminary assessment shows total deposits of around N650bn, with loans exceeding N700bn.

“We aim to recover these loans, empowered by the NDIC Act 2023, which provides a sufficient legal framework for debt recovery. We assure the public that we will leverage these powers to recover as much as possible, starting immediately,” he said.

In a statement signed by Sidi Ali, the acting director of Corporate Communication, on Monday, the CBN announced the revocation of the licence of Heritage Bank citing a breach of its rules.

The regulator said, “This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby, making the revocation of the license the next necessary step.” (Punch)

The post Heritage Bank: NDIC Moves to Recover N700bn from Loan Defaulters appeared first on Tech | Business | Economy.

According to NDIC, the depositors can recover funds deposited in the failed bank through various routes and processes earmarked below.

The process includes but not limited to:

1. Verification and Payments of Depositors with Alternate Bank Account

Accordingly, depositors of the Bank that have alternate account within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate account.

While depositors with funds in excess of N5 million will be paid liquidation dividend upon realization of the bank’s assets and recovery of debts owed to the bank.

2. Verification and Payment of Depositors Without Alternate Bank Account

According to NDIC, All depositors of the defunct bank without alternate bank accounts in the industry are advised as follows:

i. Visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as; driver’s license, permanent voter’s card, National Identity Card, together with their alternate account and Bank Verification Number ( BVN) for the verification of their Deposit and subsequent payment of insured sums.

Or

ii File online claim by visiting the NDIC website claims page, download and fill the claims forms and upload the required documentation.

3. Verification and Payment of Creditors 

According to NDIC, Creditors are also advised to visit the nearest branch of the (Heritage) bank to file their claims or via the online platform .

Note that the process of payment of creditors will commence immediately after all depositors have paid.

4. Debtors’ Repayment of Loans

Meanwhile, Debtors that are yet to complete the repayment of loans are advised to contact the Corporation’s Asset Asset Management (AMD).

The post Heritage Bank: NDIC Hints on Requirements, Steps to Recover Your Fund appeared first on Tech | Business | Economy.