NDIC to pay first tranche of liquidation dividends to Heritage Bank depositors in April

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The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to begin the initial phase of liquidation dividend payments to Heritage Bank depositors starting in April.

This announcement was made on Wednesday by the NDIC’s Managing Director, Bello Hassan, during the corporation’s special event at the 36th Enugu International Trade Fair. He was represented by Pamela Robert, the NDIC’s South-East Coordinator.

According to the statement, the NDIC, in partnership with the Central Bank of Nigeria (CBN), is working to uphold financial stability, ensure adherence to banking standards, and strengthen supervision of insured financial institutions.

Hassan explained that arrangements are already in progress to kick off the first round of payments this April.

The Central Bank of Nigeria had earlier withdrawn Heritage Bank’s licence on June 3, 2024.

He noted that the strategy of paying insured depositors while simultaneously recovering loans and liquidating assets guarantees that no depositor is excluded from the process.

He also mentioned that as further recoveries are made, more rounds of liquidation dividends will be issued.

“Our record in bank liquidation is reassuring. NDIC has successfully declared fully liquidation dividends to depositors of 20 previously failed banks.

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“This reflects our unwavering commitment to depositor protection and our proven capacity to manage bank failures effectively.

“Therefore, I urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide necessary documentation supporting ownership of the account,” he said.

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