NDIC Pays N24.3bn Dividend to Heritage Bank Depositors Above N5m Limit

The Nigeria Deposit Insurance Corporation (NDIC) has announced the release of a second dividend totaling N24.3 billion for depositors with account balances exceeding the statutory insurance limit of N5 million in the defunct Heritage Bank. This payment is part of the ongoing recovery efforts by NDIC, which includes debt recovery, sale of physical assets, and liquidation of investments belonging to the failed bank.

The dividend is paid at a rate of 5.2 kobo for every N1 outstanding uninsured balance. This follows the revocation of NDIC's appointment as liquidator of Heritage Bank in June 2024.

Eligible depositors have already received the first liquid dividend, and the second dividend will be paid to US depositors as well.