NDIC Disburses N46.6 Billion to Heritage Bank Depositors, Sends Message to Creditors, Shareholders
- The Nigeria Deposit Insurance Corporation (NDIC) has kept to its promise to pay Heritage Bank depositors in April 2025
- The insurer confirmed that disbursements have been made and urged those who are yet to receive payment to lodge a complaint
- The NDIC also sent an important message to the creditors and shareholders of the now-defunct Heritage Bank
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
True to its earlier promise to commence payment of deposits above N5 million in the now-defunct Heritage Bank, the Nigeria Deposit Insurance Corporation (NDIC) has confirmed the disbursement of N46.6 million.
In a statement issued on Sunday by the acting head of Communication and Public Affairs, Hawwau Gambo, NDIC confirmed the payment.
According to the statement, the payment of the first tranche of the N46.6 billion liquidation dividends started on Friday, April 25, 2025.
Source: Getty Images
The statement read;
“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.”
NDIC assures depositors' payments will commence in April
The NDIC recently assured depositors that it was taking all the necessary steps to liquidate assets belonging to the now-defunct Heritage Bank.
The insurer promised that once completed, it would commence payment of the deposits before the end of April.
The recent disbursement of N46.6 billion is a confirmation that the NDIC is committed to keeping to its promise.
Depositors yet to be reimbursed should contact NDIC
NDIC noted that verified bank records were used for the payment and told depositors who had yet to receive the first tranche of their deposits to reach out, the PUNCH reports.
The statement read;
“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 ...”
Also depositors without alternate bank accounts, or who are yet to receive any of the insured deposits at all, are urged to lodge a complaint with NDIC.
Click here to fill out the complaint form or complete a deposit verification form.
CBN revokes Heritage Bank license
On June 3, 2024, the Central Bank of Nigeria revoked the banking license of Heritage Bank over regulatory infractions.
The bank had been on the watchlist for a period of time, and had received warnings from the apex bank.
Shortly after the revocation, the NDIC had commenced the payment of insured deposits, promptly reimbursing depositors up to the N5 million insured threshold.
In the following days, the NDIC immediately reimbursed depositors with deposits under N5 million, making the payment into their linked accounts with other banks.
The insurer confirmed that it used verified records from the bank to effect the payments, and traced the alternate accounts with other banks using the depositors' Bank Verification Number (BVN).
For creditors whose deposits exceeded the maximum insured limit of N5 million, they were reimbursed with the first N5 million.
The NDIC urged them to be patient while the assets of the bank were being liquidated and debts recovered before they would receive the rest of their deposits.
Source: UGC
NDIC sends message to creditors of Heritage Bank
Meanwhile, the NDIC also sent a message to shareholders and creditors of Heritage Bank.
The NDIC statement noted that the liquidation dividends would be extended to paying creditors and then shareholders, after all depositors have been fully settled.
It added that when the next tranche of liquidation dividends is available, further payments would be made.
Customers with deposits above N5 million booked for April
In related news by Legit.ng, the NDIC promised that customers with more than N5 million deposits will finally start receiving their money back in April.
Legit.ng reported that customers with less than N5 million deposits have already been settled within days of the bank's closure.
The NDIC noted that as the rest of the bank's assets are liquidated and loans recovered, the remaining deposits will be settled in tranches.
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Source: Legit.ng
