The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited.
![](https://thenigerialawyer.com/wp-content/uploads/2026/05/2026-Summer-IDRI-Masterclass.jpg")
The amount, generated from debt recovery, sale of physical assets, and realisation of investments of the liquidated bank, will be paid to depositors whose account balances exceeded the statutory insured limit of ₦5 million.
This was disclosed in a statement issued on Sunday by the NDIC’s Head of Communication and Public Affairs Department, Hawwau Gambo.
Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023.
Following its appointment, the Corporation began the payment of insured deposits of up to ₦5 million per depositor from the Deposit Insurance Fund, alongside the recovery of debts, disposal of physical assets, and realisation of investments of the failed bank.
As a result of these recovery efforts, the NDIC declared a first liquidation dividend of ₦46.6 billion in April 2025, paid at a rate of 9.2 kobo per ₦1.00 on uninsured deposits.
According to the Corporation, the newly approved second liquidation dividend of ₦24.3 billion will be paid at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances, in accordance with Section 72 of the NDIC Act 2023.
“This brings the cumulative liquidation dividend declared so far to 14.4 kobo per ₦1.00,” the statement said.
The NDIC explained that payments would be made using depositors’ existing details in its records. Eligible depositors who have already received their insured sums and first liquidation dividends will have their alternative bank accounts credited automatically through their Bank Verification Numbers (BVN).
Depositors were advised to check their bank accounts for confirmation of payment.
Those without alternative bank accounts or BVNs, or who are yet to claim their insured deposits or the first liquidation dividend, were urged to visit the nearest NDIC office for assistance.
The Corporation clarified that liquidation dividends are paid to depositors whose balances exceed the insured limit, using proceeds from asset sales, investment realisation, and debt recovery.
Payments to other creditors and shareholders will only be considered after all depositors have been fully reimbursed, subject to the availability of funds.
The book, titled The Law of Torts in Nigeria: A Functional Approach, authored by Professor Hagler Sunny Okorie Ph.D and Ikeocha, Nathaniel Ngozi Esq, offers law students, practitioners, and academics a comprehensive guide to understanding and applying tort law in Nigerian courts. Interested buyers can place orders via the following contact numbers: 08028636615, 08037667945, 08032253813, or +234 902 196 2209.
_______________________________________________________________________
“Order Your Copy Now” — Basil Momodu, Esq. Unveils Second Edition Of His Book, "Civil Procedure In Nigeria"
According to the learned author, Basil Momodu Esq. "Law review is a continuum. We will continue to track changes in the law to enrich future editions." Recommended Booksellers: Lagos: 08033855230, Abuja: 08035991379, and others.
______________________________________________________________________
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE
Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd
Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria.
Bonus:
Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.
How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com
Ebook Version: Access directly online at: https://selar.com/prv626
________________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
