The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of N46.6 billion in liquidation dividends to depositors of the now-defunct Heritage Bank.
This development was announced on Sunday in a statement issued by the Acting Head of Communication and Public Affairs at NDIC, Hawwau Gambo.
According to Gambo, the funds being distributed were generated through the sale of the bank’s assets and the recovery of outstanding debts.
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She clarified that a liquidation dividend represents payments made to depositors of a failed bank above the maximum insured amount, using proceeds realised from asset sales and debt recoveries.
Gambo also mentioned that once all depositors are fully compensated, any remaining funds from the liquidation process could be used to settle claims by creditors and shareholders.
NDIC officially began the distribution of the first phase of liquidation dividends on April 25. Gambo explained that this initial payout is based on a 9.2 kobo per naira rate, disbursed on a pro-rata basis to depositors whose account balances exceed N5 million, as reported by the News Agency of Nigeria (MAN).
She further noted that additional payments would follow as more assets are sold and further debts recovered from the bank’s debtors.
Following the Central Bank of Nigeria’s (CBN) decision to revoke Heritage Bank’s operating licence on June 3, 2024, NDIC promptly paid insured deposits of up to N5 million to affected customers.
Fo facilitate a smooth reimbursement process, the NDIC utilised depositors’ Bank Verification Numbers (BVN) to identify and credit alternative accounts automatically.
The corporation also relied on the data obtained from the earlier insured deposit payments to process the first tranche of liquidation dividends.
“Depositors with balances exceeding N5 million who did not receive their liquidation dividends should visit the nearest NDIC office. Depositors without alternative bank accounts, who were not paid the insured amount, should also visit NDIC offices or download forms from www.ndic.gov.ng.
“Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends,” Gambo said.
She reaffirmed NDIC’s dedication to the recovery of the defunct bank’s assets and to ensuring that all eligible depositors are fully reimbursed.
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