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  • Heritage Bank: NDIC declares ₦24.3bn second liquidation dividend for uninsured depositors

    Heritage Bank: NDIC declares ₦24.3bn second liquidation dividend for uninsured depositors

    The Nigeria Deposit Insurance Corporation (NDIC) has declared a ₦24.3 billion second liquidation dividend for depositors of Heritage Bank Limited whose account balances exceeded the statutory insured limit of ₦5 million at the time of the bank’s closure.

    The Corporation stated that the ₦24.3 billion payment represents only the second liquidation dividend, emphasizing that additional payments will follow as more assets are realized and outstanding debts are recovered.

    The Nation reports that in April 2025, NDIC disbursed N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, with funds exceeding the insured limit of N5 million.

    The declaration follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 and 2) of the NDIC Act 2023.

    In a statement on Sunday by the Head of the NDIC’s Communication and Public Affairs Department, Hawwau Gambo, the Corporation said it had since commenced the disposal of physical assets, recovery of debts, and realisation of investments belonging to the defunct bank.

    “As a result of these efforts, the NDIC declared a first liquidation dividend of ₦46.6 billion in April 2025, at a rate of 9.2 kobo per ₦1.00,” the corporation stressed, adding that the amount was paid on a pro-rata basis to depositors whose balances were above the ₦5 million insured limit at the date of closure.

    Gambo explained that the newly declared second liquidation dividend of ₦24.3 billion was generated from debt recovery, sale of physical assets, and realisation of investments.

    The payment will be applied to outstanding uninsured balances at a rate of 5.2 kobo per ₦1.00, in accordance with Section 72 of the NDIC Act 2023.

    “This brings the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00,” the statement noted.

    According to the NDIC, payments will be made using depositors’ existing details already captured in its records. Eligible depositors who have previously received their insured deposits and the first tranche of liquidation dividends will have their alternative bank accounts automatically credited using their Bank Verification Numbers (BVN).

    Depositors were advised to check their accounts for confirmation, while those without alternative bank accounts, BVNs, or who are yet to claim their insured sum of up to ₦5 million or the first liquidation dividend, were urged to visit the nearest NDIC office or complete the e-claim form on the Corporation’s website for prompt processing.

    The NDIC clarified that a liquidation dividend refers to payments made to depositors of a closed bank whose balances exceed the insured limit, using proceeds from asset sales, debt recovery, and investment realisation.

    It added that only after all depositors have been fully reimbursed would payments be made to other creditors and, subsequently, shareholders, subject to the availability of funds.

  • Heritage Bank: NDIC begins settlement of uninsured depositors with ₦46.6b

    Heritage Bank: NDIC begins settlement of uninsured depositors with ₦46.6b

    The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of ₦46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank with funds exceeding the insured limit of ₦5 million.

    NDIC’s Acting Head of Communication and Public Affairs, Hawwau Gambo, who disclosed this in a statement on Sunday, added that the payments began on Friday, April 25, 2025.

    The NDIC, however, reassured the public that the ₦46.6 billion payout is only the first tranche, emphasising that further disbursements will follow as more of the defunct bank’s assets are realised and outstanding debts are recovered

    Less than one per cent of the defunct bank’s 2.3 million depositors had balances exceeding ₦5 million.

    “This initial dividend payment is at the rate of 9.2 kobo per Naira on a pro-rata basis to depositors whose account balances exceeded the NDIC’s maximum insured limit of ₦5 million at the time of the bank’s closure,” Gambo said.

    Liquidation dividends represent the amount paid to depositors of a closed bank above the maximum insured limit, sourced from the proceeds of asset sales and debt recoveries.

    Payments to creditors and shareholders are only made after all depositors have been fully reimbursed.

    Following the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC had promptly reimbursed insured depositors up to ₦5 million per account, Gambo recalled, adding that using Bank Verification Numbers (BVN), the Corporation had credited depositors’ alternate bank accounts to ensure a seamless payment process.

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    To facilitate the first tranche of liquidation dividends, the NDIC leveraged records previously used for the insured payments, Gambo noted.

    She, however, urged depositors who have amounts above ₦5 million but have not yet received their liquidation dividends to approach the nearest NDIC office or contact the Corporation through its official telephone lines.

    Meanwhile, she also encouraged depositors who do not have an alternative bank account and were not paid the insured sum to visit the nearest NDIC office or log onto the Corporation’s website, www.ndic.gov.ng, to download, complete, and submit the deposit verification form for processing.

    “The Corporation remains committed to its vigorous efforts in asset recovery and ensuring that all eligible depositors are fully reimbursed,” Gambo emphasised.

  • Our families are suffering, Heritage Bank’s depositors cry out

    Our families are suffering, Heritage Bank’s depositors cry out

    • Seeks National Assembly’s intervention for release of trapped funds
    • • NDIC reacts

    Defunct Heritage Bank’s customers with deposits of N5million and above have cried out to the National Assembly to prevail on the Central Bank of Nigeria (CBN) to refund their deposits.

    The aggrieved depositors made the appeal in a petition to the legislature, saying their livelihoods and businesses are in distress due to non-payment of their money.

    According to them, despite previous assurances from the apex bank that the bank was not in distress, they were left stranded with the revocation of its licence and have not been able to access their funds.

    This predicament, they said, had caused them economic hardship with businesses shutting, life savings crumbling and daily expenses coming to a standstill.

    “Some depositors have died from heart attacks, while others are hospitalised. We are at a loss, and our families are suffering.

    “We are perplexed by the action exhibited by the CBN after Unity Bank merged with Providus Bank, which ensured a smooth transition for depositors. We are aware that a major commercial bank was paid N460billion for its deposits in Heritage Bank before its liquidation.

    “Why should we be treated differently, subjected to an everlasting process to recover our funds from the sale of Heritage Bank’s properties?” They asked.

    The depositors appealed to the National Assembly to “intervene by advising CBN to pay  depositors in full without further delay. Advise that a few other banks absorb the depositors while ensuring a smooth transition as was done in the case of Unity Bank and Providus Bank.

    Read Also: Heritage Bank account owners to provide alternatives

    “Utilise Heritage Bank’s reserve ratio to settle depositors’ claims. Treat depositors equally as was done with First Bank and verify NDIC’s claim of paying the insured sum to 85 per cent of depositors and ensure prompt payment to all eligible depositors.”

    The depositors further proposed that the CBN should extend a loan to the NDIC to facilitate the prompt settlement of their claims, stating that the loan would enable NDIC to immediately pay them out, thereby alleviating their financial distress.

    “We expect that the principal amount of the loan would be recuperated through the eventual disposal of Heritage Bank’s assets.

    “This approach would ensure a seamless recovery process, minimising the risk of further financial instability and by extending this, the CBN would be supporting the stability of the financial system, protecting depositors’ funds, and promoting confidence in the banking sector,” they said.

    On June 3, last year, the apex bank revoked Heritage Bank’s licence and enabled the Nigeria Deposit Insurance Corporation (NDIC) to take over the bank’s assets and liabilities.

    The NDIC said it had been intensified efforts to ensure timely payments.

    In a statement signed by its acting Head, Communications and Public Affairs, Hawwau Gambo,  NDIC said significant progress had been made in reimbursing the insured deposits of the N5 million maximum per depositor, adding that those in this category of not yet to be paid either didn’t have Bank Verification Number (BVN), alternate accounts in other banks, post no debit (PND) restrictions or other glitches.

    To the depositors with N5million and above balances, the NDIC said the excess of the insured N5 million already reimbursed would be paid as liquidation dividends in accordance with the corporation’s statutory mandate.

    “The NDIC has made substantial progress in disposing the assets and recovering some of the debts of the failed bank to ensure that depositors with balances above the maximum insured limit receive their payments as soon as possible.  “As a clear demonstration of this commitment, the corporation commenced the realisation of physical assets and investments as well as aggressive recovery of the risk assets, concurrently with the verification and payment of insured sums.

    “To ensure transparency and compliance with legal requirements, the NDIC has widely advertised the asset disposal process on its official website, social media platforms, and major national newspapers, as well as through radio and television announcements.

    “The corporation’s approach of simultaneously paying insured

    depositors while aggressively pursuing asset sales and debt

    recovery is designed to accelerate the liquidation process and ensure that all depositors receive their funds without unnecessary delays.

    “With the considerable progress recorded in the asset realisation, the corporation will declare the first tranche of liquidation dividends in April 2025, which will be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023 on the priority of claims.

    “For clarity, the referenced section states that: “Where an insured institution is unable to meet its obligations or suspends payment, or where its management and control

    have been taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institutions shall be available to meet its deposit

    liabilities. Such deposit liabilities shall have priority over all other liabilities of the insured institution.”

    “Consequently, other claimants of the failed Heritage Bank, including creditors, and shareholders, will be considered for payment of liquidation dividends only after all depositors have been fully reimbursed.

    “The NDIC wishes to reiterate its commitment to the safety of depositors’ funds in all licensed banks. Members of the public are enjoined to continue their banking activities without fear,

    as all other banks remain safe and sound,” it said.

  • Heritage Bank’s creditors, shareholders to get liquidation dividends

    Heritage Bank’s creditors, shareholders to get liquidation dividends

    The Nigeria Deposit Insurance Corporation (NDIC) has commenced sale of defunct Heritage Bank’s physical assets to complete payment of insured depositors, creditors and shareholders.

    In a statement, NDIC Acting Head, Communication & Public Affairs, Hawwau Gambo, said the corporation has made substantial progress in disposing the physical assets and recovering some of the debts of the failed bank.

    She said the move would ensure that depositors with balances above the maximum insured limit of N5 million receive their payments as soon as possible.

    She said: “As a clear demonstration of this commitment, the corporation commenced the realisation of physical assets and investments as well as aggressive recovery of the risk assets, concurrently with the verification and payment of insured sums. To ensure transparency and compliance with legal requirements, the NDIC has widely advertised the asset disposal process on its official website, social media platforms, and major national newspapers, as well as through radio and television announcements”.

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    Gambo explained that NDIC has intensified efforts to ensure timely payments to depositors whose balances exceed the maximum deposit insurance limit of N5 million.

    According to her, significant progress has been made in reimbursing the insured deposits of the N5 million maximum per depositor.

     “It is instructive to state that, depositors yet to be paid their insured deposits are largely those without Bank Verification Number (BVN) or alternate accounts in other banks to enable the corporation fetch the accounts from the Nigeria Inter-Bank Settlement System (NIBSS) database to effect payment.

     “Other depositors in this category are those with post no debit (PND) restrictions on their accounts. Additionally, some accounts have Know Your Customer (KYC) limitations such as Tier 1 accounts that places restrictions on the maximum lodgment of funds, while others have name mismatches that require resolution,” she stated.

    Gambo further disclosed that other claimants of the failed Heritage Bank, including creditors, and shareholders, will be considered for payment of liquidation dividends only after all depositors have been fully reimbursed.

    According to her, some depositors who have been paid may also be unaware that they have received payments due to lack of mobile phone transaction alerts on their alternate accounts into which the insured sums were paid by the NDIC. She advised depositors to check their alternate bank accounts, as some payments may have been processed without their immediate awareness.

     “While depositors with balances above N5 million have been paid the initial insured sums of the N5 million, the remaining balance in excess of the insured sum of the N5 million already reimbursed, will be paid as liquidation dividends in accordance with the Corporation’s statutory mandate,” she said.

    Gambo said the corporation’s approach of simultaneously paying insured depositors while aggressively pursuing asset sales and debt recovery is designed to accelerate the liquidation process and ensure that all depositors receive their funds without unnecessary delays.

     “With the considerable progress recorded in the asset realization, the Corporation will declare the first tranche of liquidation dividends in April 2025 which will be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023 on the priority of claims,” she disclosed.

  • Heritage Bank: NDIC to settle big depositors with liquidation dividends

    Heritage Bank: NDIC to settle big depositors with liquidation dividends

    The Nigeria Deposit Insurance Corporation (NDIC) says payment to defunct Heritage Bank depositors with funds above N5 million will soon be done using liquidation dividends.

     The Managing Director, NDIC Bello Hassan who broke the news yesterday during Editors Forum organised by the corporation in Lagos, said the payment will be made through liquidation dividends from the defunct bank’s assets and recovery of debts.

    He said that having largely reimbursed smaller depositors their insured deposits, the Corporation is committed to ensuring that depositors with balances exceeding N5 million are also paid the balance of their deposits.

    “These uninsured deposits represent a significant portion of the total deposits in Heritage Bank. In this regard, the Corporation is already working assiduously to ensure that depositors with amounts over the maximum insured amount of N5 million are paid through liquidation dividends from the realisation of the defunct bank’s assets and recovery of debts,” he said.

     Hassan explained that the Corporation has already initiated the process of debt recovery and realisation of investments and physical assets of the defunct bank to ensure timely payment to the uninsured deposits of the defunct bank.

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    Hassan said that in the discharge of this critical role of depositor-reimbursement, the Corporation began the payment of the insured deposits of N5 million per depositor within a record time of four days of the bank’s closure.

    “This was achieved using Bank Verification Numbers (BVN) as a unique identifier to locate depositors’ alternate accounts in other banks without the need to fill out forms or visit the NDIC offices. This innovative approach has enabled the payment of most depositors with BVN-linked accounts to date,” he said.

    According to him, the payment happened at a time when the Corporation had recently increased the deposit insurance coverage from N500,000 to  N5 million in Deposit Money Banks which significantly minimised the negative impact of the bank failure on the affected depositors.

    This achievement is consistent with the provisions of the International Association of Deposit Insurers (IADI) Core Principle 15, which emphasises timely pay-outs to depositors of failed banks.

  • Heritage Bank account owners to provide alternatives

    Heritage Bank account owners to provide alternatives

    The Pension Transitional Arrangement Directorate (PTAD) has reiterated the need for pensioners whose pension bank accounts were domiciled with Defunct Heritage Bank to provide alternatives.

    The Executive Secretary, Dr. Chioma Ejikeme who made this call, said this is to ensure that pensioners who fall in this category continue to receive their  pension.

    She stated that the pensioners are expected to send an email to complaints ptad.gov.ng.

    She said: “Following the revocation of the operating licence of Heritage Bank by the Central Bank of Nigeria (CBN), pensioners are required to provide an alternative bank account to make sure they continue to receive their monthly pension.

    “The affected pensioners are expected to send an email to complaints ptad.gov.ng with a letter indicating they are Heritage Bank pensioners.

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    “They are to attach documents that include Pensioner’s Account Statement From The New Bank; BVN SLIP; and PTAD Verification Slip”, she noted.

    She urged them to contact the Pensioner Support Services Department on 0800, call ptad 0800-2255-782a or 0209-4621700 from Monday to Friday between 5am to 4.30pm if they require any further information.

    She however pointed out that due to high traffic on the lines, there may be delays in answering calls, appealing for patience.

  • Heritage Bank: NDIC moves to clear salary, pensioners’ deposit hurdles

    Heritage Bank: NDIC moves to clear salary, pensioners’ deposit hurdles

    Depositors with salary or pension accounts at the defunct Heritage Bank may face challenges accessing their funds unless they clear their status with the Nigeria Deposit Insurance Corporation (NDIC).

     The NDIC has stated that affected depositors must obtain a letter of non-indebtedness from the corporation and follow specific procedures before they can access their deposits at a new bank of their choice.

     In a post shared on its microblogging platform X (@NDICNigeria) on August 8, the NDIC further urged depositors to contact the corporation if they encountered any difficulties with this process.

     According to the advisory, depositors must present a letter of non-indebtedness from NDIC to their employers to resolve any issues and secure access to their funds in the new bank.

     The notice urged the depositors to send their duly signed letter, stating the request for the letter to the Director, Asset Management Department, NDIC, which must include the depositor’s BVN, account number and attach a copy of the national identity card.

     The next step for the depositors after obtaining the letter from the insurance company, is to go and present it to their employers to enable them to change their account to their desired alternative bank.

     “Please send us a direct message (DM) with your Heritage Bank information and your alternative bank for payment of claim if you have any complaints or delayed payments with the now-defunct Heritage Bank,” the notice added.

     However, Bashir Nuhu, the Director of Communications and Public Affairs at NDIC, explained to The Nation on Saturday that the advisory was issued as part of the corporation’s statutory responsibility to assist depositors of defunct banks in accessing their trapped funds as smoothly as possible.

    Read Also: PTAD dedicates email address to ex-Heritage Bank pensioners

     According to him, the organization felt compelled to act due to the frequent complaints from affected depositors, saying, “Actually, we’ve been receiving requests from account holders and pensioners.

     “More especially at the moment, salary earners have been complaining that they want to open new bank accounts and they (the new banks) are requesting a letter of non-indebtedness from Heritage Bank before they can open new accounts.

     “Even if the bank is active, we would usually request a letter of non-indebtedness before allowing someone to change their bank account for salary payments.

     “We will not grant your request until you bring a letter of non-indebtedness from the bank that you wish to leave.

     “So, people who are normally salary earners from other institutions are having difficulty opening new bank accounts because the banks are asking if they are indebted, which might be why they want to change banks.

     “We, being appointed as the liquidator, are managing the assets of the bank in liquidation, when such requests come, we review them to ensure the person is not indebted.

     “If they aren’t, we issue a letter of non-indebtedness so they can quickly open another bank account, allowing their salary or pension to continue flowing”.

     Nuhu also urged affected account holders to take the notification seriously, warning that ignoring it could disrupt the smooth operation of their accounts.

     “This notification was necessary because we receive complaints daily on our various platforms. We decided to run a general advisory so that people can progress from these minor requests.

  • Discrepancy in account names delaying Heritage Bank customers’ payment – NDIC

    Discrepancy in account names delaying Heritage Bank customers’ payment – NDIC

    The Nigeria Deposit Insurance Corporation (NDIC) says account names discrepancies in Bank Verification Number (BVN) linked alternate account of some defunct Heritage Bank customers is delaying the payment of their insured deposits.

    Mr Bello Hassan, the Managing Director of NDIC told the News Agency of Nigeria (NAN) on Sunday in Abuja.

    Hassan said the corporation had paid substantial amount to depositors of the defunct bank without BVN account linked issues.

    He called on depositors of the bank who were yet to receive their insured deposit credit alert to visit the NDIC’s website and complete their verification forms for their payment.

    The managing director said the verification would also include depositors without BVN alternate account.

    ”We have already commenced the payment of customers since June 6.

    ”We have paid substantial amount to the customers.

    ”What we leverage in making the payment is BVN of customers. We trace alternate accounts in other banks and pay them their insured amounts.

    ”There are some that we have challenges linking up because of some discrepancies between the names and others.

    ”We are calling on customers that have not received their alerts in their alternate accounts to come forward and complete their verification forms so that we can pay them,” he said.

    On payment of depositors with more than five million naira with the bank, Hassan said they would be paid liquidation dividend.

    According to him, NDIC have already commenced the process of disposing the physical buildings and also set the process in motion to make sure that we recover the loans and advances that were granted the bank.

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    ”That is what we use in paying those liquidation dividends.

    ”We are not going to wait until we recover everything, no.

    ”As we recover, we will also advertise to say that we will pay liquidation dividends so that concerned depositors will be on the look out for alerts in their accounts,” Hassan said.

    NAN reports that the Central Bank of Nigeria (CBN) on June 3  revoked the banking licence of Heritage Bank Plc.

    CBN said the decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability.

    (NAN)

  • Pensioners with Heritage Bank to provide accounts

    Pensioners with Heritage Bank to provide accounts

    The Pension Transitional Arrangement Directorate (PTAD) has called on Defined Benefit Scheme (DBS) pensioners with pension bank accounts domiciled in Heritage Bank to provide an alternative bank account to make sure they continue to receive their monthly pension.

    The Directorate stated that this  became necessary following the revocation of the licence of the bank by the Central Bank of Nigeria (CBN).

    The affected pensioners were urged to send an email to complaints@ptad.gov.ng with a letter indicating they are Heritage Bank pensioners and attach some documents.

    The documents include pensioner’s Account Statement from the new bank, Bank verification Slip (BVN); and PTAD Verification Slip.

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    The Directorate said pensioners who require further information should contact the Pensioner Support Services Department on 0800-2255-7823 or 02094621700 between Monday to Friday from 9am-4.30pm.

    PTAD appealed to the pensioners that due to high traffic on the lines, there may be delays in answering them and urged them to keep trying the lines if necessary.

    Meanwhile, PTAD also announced to pensioners that it has finalised pension payment for this month.

    The agency reiterated that pension payments are remitted through the CBN directly into the individual aaccount and PTAD has no control over it.

  • Union seeks pay off for Heritage Bank workers

    Union seeks pay off for Heritage Bank workers

    • Asks CBN to probe bank transactions, activities

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has demanded thorough investigation into the transactions that caused the collapse of Heritage Bank PLC.

    The union also called on the regulatory agencies to invoke appropriate actions to recover debts while applying sanctions and penalties against any institutions or persons found guilty.

    In a statement, its President, Olusoji Oluwole, blamed the Central Bank of Nigeria (CBN), and other regulatory agencies for the failure and liquidation of the Heritage Bank, and called for steps to settle workers’ entitlements.

     “The recent CBN order revoking the operational licence and liquidation of Heritage Bank PLC did not come to the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) as a surprise.

    “This situation could have been avoided if the regulatory authorities had heeded to the various clamour from staff members, ASSBIFI, and the public on the plight of Heritage Bank. No decisive action was seen to have been taken to stem the fate that eventually befell the institution on June 3, 2024.

    “You will recall that sometime in June 2021, staff members of the bank in Abuja gathered at the home of an alleged debtor, a prominent politician, to recover unpaid debts to the bank.

    “In 2023, we called the attention of the public to the insensitive disengagement of over 65 workers under the guise of reorganisation, who had put in decades of service to the bank without commensurate compensation as stated in the Labour Act and ILO conventions.

    “Rather than acting responsibly and doing the right thing through mediation with the Minister of Labour and Employment, the Management chose to hide behind the cover of the court of law. This has been its behaviour as reported in recent times through other court judgments against the management.

    It continued: “In March 2024, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) also raised the same alarm, yet no decisive actions were taken.

    “While we are not opposed to the liquidation order on Heritage Bank as prescribed by law and to sustain confidence and assure the public of the safety of their money in banks, we are ‘seriously concerned about the fate of our members who have invested multiple decades of their active lives in the service of the bank’.

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    “Their future hangs in the balance, as there is no mention of plans to settle the workers in the CBN and NDIC publications and liquidation process. We are genuinely perturbed, because the Association of Senior Staff of Banks, Insurance and Financial Institutions National Secretariat feels vulnerable workers should not be unfairly treated, used and discarded without settlement.

    “While the NDIC Act excludes staff related accounts from the insurance premium, we appeal that the predicament of members is considered when payments are made to other depositors based on the harsh economic realities.

    “As the statutory representative of senior employees in banks, insurance and financial institutions, and a critical stakeholder in the Nigeria Financial Sector, ASSBIFI implores the CBN and other regulators in the banking industry to deeply investigate the transactions and activities that caused the collapse of Heritage Bank, and invoke appropriate actions to recover debts while applying sanctions and penalties against any institutions or persons found guilty.

    “Coming at a time the economy is in serious crisis with hyperinflation and high unemployment rate leading to job cuts, it is most disheartening that vulnerable workers who faithfully and committedly put in their best for decades in the bank would be abandoned to perish in penury. “We expect and believe that the NDIC would factor into the liquidation planned criteria for compensation and settlement of the workers.”