The Nigerian Deposit Insurance Corporation,NDIC has declared a second liquidation dividend of ₦24.3 billion.
Derived from debt recovery, sale of physical assets, and realisation of investments, the current payout will be used for the payment of uninsured balances for depositors with funds exceeding the ₦5 million insured limit.
The second liquidation dividend is payable at a rate of 5.2 kobo per ₦1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023.
The development brings the cumulative liquidation dividend declared hitherto to 14.4 kobo per ₦1.00.
Payments,according to a statement will be effected using depositors’ details already in the NDIC records,
According to the statement, 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 (BVN).
The statement added: “Depositors without alternative bank accounts, BVNs, or who have not claimed their insured sum of up to ₦5 million or the first liquidation dividend, should visit the nearest NDIC office or complete the e-claim form available at https://ndic.gov.ng/claims-verification-forms for prompt processing.”
“For clarity, a liquidation dividend is the amount paid by the NDIC to depositors of a closed bank whose balances exceed the statutory insured limit, from proceeds of asset sales, investment realization, 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 assures 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.
It should be recalled that NDIC had declared a first liquidation dividend of ₦46.6 billion in April 2025, at a rate of 9.2 kobo per ₦1.00.
The amount was paid on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of ₦5 million at the date of closure.
Subsequently, the Corporation continued to pursue the recovery of assets to enable further reimbursement to eligible depositors.
Following the revocation of the banking license of Heritage Bank Limited by the Central Bank of Nigeria (CBN) on June 3, 2024, the Nigeria Deposit Insurance Corporation (NDIC) was appointed as Liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023.
Upon its appointment, the Corporation commenced the processing of claims and payment of insured deposits up to the statutory limit of N5 million from its Deposit Insurance Fund.
The Corporation also immediately commenced the disposal of physical assets, recovery of debts, and realization of investments of the defunct bank.
