The Nigeria Deposit Insurance Corporation has recovered an additional N24.3bn from the assets of the defunct Heritage Bank Limited to repay customers of the bank with balances above N5m as of the time of its licence revocation.

This was disclosed in a statement signed by the Head of the Communication & Public Affairs Department, NDIC, Hawwau Gambo, on Sunday.

The PUNCH reports that the Central Bank of Nigeria revoked the operating licence of Heritage Bank on 3 June 2024, and appointed the NDIC as liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act 2020 and Sections 55(1 & 2) of the NDIC Act 2023.

According to the statement, the funds were derived from debt recovery, sale of physical assets, and realisation of investments and will be applied to the payment of uninsured balances for depositors with funds exceeding the N5m insured limit.

“The second liquidation dividend is payable at a rate of 5.2 kobo per N1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023.

This brings the cumulative liquidation dividend declared to date to 14.4 kobo per N1.00. Payments will be effected using depositors’ details already in the NDIC records.

“Eligible depositors, who previously received the insured sum and the first tranche of liquidation dividends, will have their alternative bank accounts automatically credited using their Bank Verification Numbers. Depositors are advised to check their accounts for confirmation. Depositors without alternative bank accounts or BVNs or who have not claimed their insured sum of up to N5m or the first liquidation dividend should visit the nearest NDIC office or complete the e-claim form available on the NDIC website for prompt processing,” read part of the statement.

NDIC had earlier declared a first liquidation dividend of N46.6 bn in April 2025, at a rate of 9.2 kobo per N1.00. This amount was paid on a pro rata basis to depositors whose account balances exceeded the statutory insured limit of N5m at the date of closure.

For clarity, NDIC said that the liquidation dividend is the amount paid by it to depositors of a closed bank whose balances exceed the statutory insured limit. This comes from proceeds of asset sales, investment realisation, and debt recovery. Only after all depositors have been fully reimbursed will payments be made to other creditors, and subsequently to shareholders, subject to the availability of funds.

The NDIC went on to assure the public that this payment represents only the second liquidation dividend. “Additional payments shall be made subject to the realisation of assets and collection of outstanding debts. The Corporation remains committed to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors,” said the Corporation.