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NDIC to pay first tranche of liquidation dividends to Heritage Bank depositors in April

by Editorial Team
10 April 2025
in Business, News

The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to commence the payment of the first tranche of liquidation dividends to depositors of Heritage Bank starting this April. This follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024.

Managing Director of NDIC, Mr Bello Hassan, made this known on Wednesday, April 9, during the NDIC Special Day at the 36th Enugu International Trade Fair. He was represented by Mrs Pamela Robert, the South-East Coordinator of the NDIC.

Hassan reaffirmed the Corporation’s commitment to financial system stability, stating that the NDIC is working closely with the CBN to ensure strict adherence to banking regulations and effective oversight of insured deposit-taking institutions. He disclosed that preparations for the payment of the first tranche of liquidation dividends to Heritage Bank depositors had already commenced.

He assured depositors that the NDIC possesses the financial and operational capacity to reimburse all affected customers as asset recoveries are made. The approach, he said, involves paying insured deposits while simultaneously recovering loans and realising bank assets to ensure no depositor is left behind.

Hassan noted that the NDIC has a strong track record in bank liquidation, having successfully paid full liquidation dividends to depositors of 20 previously failed banks. This, he said, demonstrates the Corporation’s dedication to depositor protection and its effectiveness in managing bank failures.

He encouraged depositors of the closed Heritage Bank who are yet to receive payments to provide the necessary documentation, including their Bank Verification Number (BVN) and an alternate bank account number. Claims can be submitted via the NDIC website, email, social media platforms, or by visiting any zonal office.

Highlighting the swift response to Heritage Bank’s licence revocation, Hassan said the NDIC began the liquidation process immediately and paid insured deposits—up to a maximum of N5 million per depositor—within four days. He noted that most depositors were paid using their BVN to identify alternate bank accounts.

However, he explained that some depositors are yet to receive payments due to issues such as the absence of BVNs or alternate bank accounts, Post-No-Debit (PND) restrictions, Know Your Customer (KYC) limitations, or name mismatches. Some depositors, he added, may also be unaware of the payments due to a lack of transaction alerts.

President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Chief Odeiga Jideonwo, commended the NDIC for its role in stabilising the financial sector. He called for improved compensation levels for depositors in failed banks, urging the NDIC to consider raising the percentage of money paid based on each customer’s total deposit.

Jideonwo also appealed to the CBN to strengthen its regulatory framework to reduce the incidence of bank failures and shield depositors from the trauma of losing access to their funds.

Tags: Heritage Bank NewsNDIC News
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