NDIC declares N24.3bn second liquidation dividend to depositors

The Nigeria Deposit Insurance Corporation, NDIC, has declared a first liquidation dividend of N46.6 billion in April 2025, at a rate of 9.2 kobo per N1.00, following the disposal of physical assets, recovery of debts, and realisation of investments of the defunct Heritage Bank Limited.

The Central Bank of Nigeria, CBN, had on June 3, 2024, revoked the operational banking license of the defunct bank, triggering section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023.

Following the revocation, the Corporation initiated procedures for claims and payments of insured deposits up to the statutory limit of N5 million from its Deposit Insurance Fund.

A statement signed by the Head, Communication & Public Affairs of the corporations, Hawwau Gambo, informed that the first liquidation dividend of N46.6 billion was paid on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of N5 million at the date of closure.