The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to declare the first tranche of liquidation dividends for depositors of Heritage Bank in April 2025. This comes as part of efforts to realize assets from the failed bank and reimburse depositors with balances exceeding ₦5 million.
Payment Process for Uninsured Depositors
According to Hawwau Gambo, the Acting Head of Communication and Public Affairs at NDIC, depositors will be paid on a pro-rata basis, in accordance with Section 72 of the NDIC Act 2023, which prioritizes claims from depositors over other liabilities.
The NDIC has already:
- Disposed of physical assets
- Recovered debts owed to the failed bank
- Commenced verification and payments of insured deposits
Gambo reassured depositors that NDIC is working to ensure prompt payments, adding that creditors and shareholderswill only be considered for payment after all depositors have been reimbursed.
Depositors Yet to Receive Payments
The NDIC clarified that only certain categories of depositors have not yet received their insured deposits (₦5 million or less). These include:
- Depositors without Bank Verification Numbers (BVN)
- Accounts with Post No Debit (PND) restrictions
- Accounts with KYC limitations, such as Tier 1 accounts with lodgment restrictions
- Accounts with name mismatches that require resolution
Additionally, some depositors may have already received payments but are unaware due to lack of mobile transaction alerts on their alternate accounts.
Next Steps for Depositors
Depositors are advised to check their alternate bank accounts to confirm if their insured deposits have been credited. Those facing issues with their accounts should resolve BVN, KYC, or name mismatch issues to facilitate payment processing.
This liquidation process marks a significant step in refunding affected depositors and ensuring financial stability following the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN).
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