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In a significant move aimed at reinforcing depositor confidence and strengthening regulatory compliance within Nigeria’s banking sector, the Nigeria Deposit Insurance Corporation (NDIC) has begun disbursing N46.6 billion to depositors of the defunct Heritage Bank whose funds exceeded the insured threshold of N5 million.
This first tranche of liquidation dividends commenced on Friday, April 25, 2025, as confirmed by the NDIC’s Acting Head of Communication and Public Affairs, Hawwau Gambo. The payout marks a strategic milestone in the Corporation’s regulatory risk management and financial crime prevention framework following the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN) in June 2024.
According to Gambo, the payments reflect a pro-rata distribution of 9.2 kobo per Naira to depositors whose balances exceeded the NDIC’s insured limit. This disbursement is part of the ongoing compliance management process and will be followed by further payouts as more assets are recovered and outstanding debts resolved.
Liquidation dividends, she explained, are sourced from the sale of the defunct institution’s assets and the recovery of non-performing loans. These payouts are a key component of the regulatory enforcement process and support the NDIC’s broader mandate of financial stability and deposit protection. Notably, less than 1% of Heritage Bank’s 2.3 million depositors held balances above the insured ceiling.
Highlighting the Corporation’s commitment to compliance automation and seamless payment systems, Gambo noted that initial reimbursements—up to the insured N5 million limit—were successfully credited to depositors’ alternate bank accounts using the Bank Verification Number (BVN) framework. This move aligns with ongoing efforts to enhance regulatory reporting and compliance analytics in Nigeria’s financial services sector.
The NDIC also announced that records from the initial insured payments were instrumental in facilitating the current phase of dividend disbursements. Eligible depositors who are yet to receive their liquidation dividends are encouraged to visit the nearest NDIC office or reach out via official contact channels.
In addition, depositors without alternate bank accounts or those who have not received their insured deposits are advised to download and submit the NDIC deposit verification form available on the Corporation’s official website.
“The NDIC remains steadfast in its commitment to effective regulatory change management, asset recovery, and ensuring that all eligible depositors are fully reimbursed,” Gambo concluded.
This development underscores the critical role of regulatory technology solutions and risk mitigation strategies in safeguarding depositor interests and maintaining financial system integrity.
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