The Nigeria Deposit Insurance Corporation has started paying out N46.6bn to customers of the closed Heritage Bank whose deposits were more than the insured limit of N5m.
The payment began on Friday, April 25, 2025, following the sale of the bank’s assets and recovery of debts.
The NDIC shared this update on Sunday through a statement issued by Hawwau Gambo, its acting Head of Communication and Public Affairs.
The agency explained that the first batch of liquidation payments is intended to make sure that depositors who had larger sums at the time the bank closed are refunded beyond the insured amount.
The corporation explained that liquidation dividends come from the money made after selling the bank’s properties and collecting debts that were owed.
The payment is for depositors whose account balances crossed the insured limit.
It also added that once all depositors are fully paid, there may be extra funds left for creditors and shareholders.
According to the NDIC, depositors whose funds exceeded N5m will be paid at the rate of 9.2 kobo per Naira on a pro-rata basis.
This method ensures that everyone gets a fair share depending on the size of their deposit.
Heritage Bank lost its banking licence on June 3, 2024, after the Central Bank of Nigeria pointed out breaches in regulations.
Shortly after, the NDIC had started paying insured amounts, crediting depositors’ alternative bank accounts by using their Bank Verification Numbers.
For those whose deposits were above N5m and who have not yet received this new payment, the corporation has asked them to reach out through their nearest NDIC office or call the numbers provided.
It also advised customers who never received their insured deposits due to missing alternate bank accounts to complete a deposit verification form from its website.
The NDIC confirmed that this first batch of payments is just the beginning. More payments will come as further assets are sold and more debts are recovered.
The agency also assured customers that it remains committed to protecting depositors’ funds and supporting the strength of the banking system.
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