NDIC Set to Disburse First Tranche of Liquidation Dividends to Heritage Bank Depositors.

The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to commence the first tranche of liquidation dividends to depositors of Heritage Bank, following the revocation of the bank’s operating licence by the Central Bank of Nigeria on June 3, 2024.

NDIC Managing Director/Chief Executive, Bello Hassan, revealed that the corporation has made considerable progress in selling off the bank’s physical assets and recovering outstanding debts.

Speaking on Wednesday during NDIC’s Special Day at the ongoing 36th Enugu International Trade Fair, Hassan assured the public that the NDIC is working diligently to ensure that all depositors recover their funds as quickly as possible.

“We have commenced preparations to pay the first tranche of liquidation dividends this month – April, 2025,” he said.

Hassan disclosed that the corporation has already paid insured deposits of up to N5 million per depositor within four days of the bank’s closure.

Represented by the South-East Zonal Coordinator and Assistant Director, Mrs. Pamela Robert, the Managing Director urged depositors who have not yet received their payments to come forward and provide the necessary documentation, including Bank Verification Numbers and alternative bank account details, to facilitate the payment process.

“I therefore urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the account,” he said.

According to Hassan, NDIC has a proven track record of effectively managing bank failures, having successfully declared full liquidation dividends to depositors of 20 previously failed banks.

He reassured depositors that the corporation possesses both the financial and operational capacity to fully reimburse all depositors as recoveries are made.

The NDIC’s efforts are focused on maintaining financial stability and promoting public confidence in the banking sector.

By safeguarding depositors’ funds and ensuring a smooth resolution process in the event of bank failures, the corporation plays a crucial role in Nigeria’s economic development.