The Nigeria Deposit Insurance coverage Company has accredited a second liquidation payout amounting to ₦24.3 billion for patrons of the defunct Heritage Financial institution Restricted whose deposits exceeded the insured threshold.
The funds, which have been realised from debt restoration efforts, sale of the financial institution’s bodily belongings, and liquidation of its investments, can be distributed to depositors with balances above the statutory insured restrict of ₦5 million.
The event was introduced in a press release issued on Sunday by the NDIC’s Head of Communication and Public Affairs Division, Hawwau Gambo.
Heritage Financial institution’s working licence was withdrawn by the Central Financial institution of Nigeria on June 3, 2024, after which the NDIC assumed the function of liquidator in step with Part 12(2) of the Banks and Different Monetary Establishments Act 2020 and Sections 55(1 & 2) of the NDIC Act 2023.
Following its appointment, the Company commenced cost of insured deposits of as much as ₦5 million per depositor from the Deposit Insurance coverage Fund. Concurrently, it started recovering excellent money owed, disposing of bodily belongings, and realising investments belonging to the failed financial institution.
These restoration actions enabled the NDIC to declare an preliminary liquidation dividend of ₦46.6 billion in April 2025, which was paid at 9.2 kobo per ₦1.00 on uninsured deposits.
In its newest replace, the Company disclosed that the newly accredited second liquidation dividend of ₦24.3 billion could be paid at 5.2 kobo per ₦1.00 on remaining uninsured balances, in accordance with Part 72 of the NDIC Act 2023.
“This brings the cumulative liquidation dividend declared thus far to 14.4 kobo per ₦1.00,” the assertion mentioned.
The NDIC defined that funds could be processed utilizing depositors’ current information. Eligible clients who’ve already obtained their insured deposits and first liquidation dividends could have their different financial institution accounts credited mechanically by their Financial institution Verification Numbers.
Depositors have been suggested to observe their financial institution accounts to verify receipt of cost.
Prospects with out different financial institution accounts or BVNs, in addition to those that are but to say their insured deposits or the primary liquidation dividend, have been inspired to go to the closest NDIC workplace for help.
The Company additional clarified that liquidation dividends apply solely to depositors whose balances exceeded the insured restrict and are paid from proceeds generated by asset gross sales, funding realisation, and debt restoration.
It added that settlement of claims by different collectors and shareholders would solely be thought-about in any case depositors have been absolutely reimbursed, topic to the provision of funds.
