The Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, whose funds exceeded the maximum insured limit of N5 million.

The corporation announced the development in a statement issued on Sunday by its acting Head of Communication and Public Affairs, Hawwau Gambo.

The Central Bank of Nigeria revoked the banking license of Heritage Bank on June 3, 2024, citing regulatory infractions.

Shortly after the revocation, the NDIC had commenced the payment of insured deposits, promptly reimbursing depositors up to the N5m insured threshold.

According to the NDIC, the payment of the first tranche of liquidation dividends started on Friday, April 25, 2025, and is aimed at ensuring that all eligible depositors of the closed bank are adequately reimbursed.

“In its continued commitment to ensuring that depositors of the defunct Heritage Bank are fully reimbursed, the Nigeria Deposit Insurance Corporation has declared the first tranche of liquidation dividends totaling N46.6bn from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution,” the statement read.

The NDIC explained that the liquidation dividend represents the amount paid to depositors from the proceeds realised from the sale of the bank’s assets and recovery of outstanding debts, in excess of the maximum insured limit.

It noted that it could also include amounts eventually paid to creditors and shareholders after all depositors have been fully settled.

Providing details on the mode of payment, the Corporation said the initial dividend was disbursed “at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of N5.0m as at the time of the bank’s closure.”

“To ensure seamless and efficient payment process, the NDIC used the depositors’ Bank Verification Number to locate alternate account numbers of depositors in other banks and automatically credited them with the insured amount,” the Corporation said.

The NDIC noted that it also relied on the verified records used during the insured deposit payment phase to facilitate the liquidation dividend disbursement.

However, it urged depositors whose balances exceeded N5m and who have yet o receive the first tranche of liquidation dividends to contact the Corporation.

“Consequently, any depositor with an amount in excess of N5m who was paid the insured amount but did not receive the payment of the liquidation dividends should approach the nearest NDIC office or contact us on the telephone numbers below,” it stated.

The corporation also called on depositors who did not maintain an alternate bank account and who had not received even their insured deposits to visit any NDIC office or download and complete a deposit verification form from its website for processing.

Emphasising its commitment to ensuring full reimbursement of depositors, the NDIC said, “The Corporation wishes to reassure the public that this payment represents only the first tranche of liquidation dividends. Further payments will follow as more assets of the defunct Heritage Bank are realised and outstanding debts are recovered.”