Oluchi Chibuzor 

The Nigerian Deposit Insurance Corporation (NDIC), has revealed that the uninsured depositors of the defunct Heritage Bank will by the end of April, 2025, receive the first tranche of liquidation dividend of 9.2 kobo per naira. 

The Managing Director, NDIC, Mr. Bello Hassan stated this yesterday at the NDIC 2025 Retreat for the House Committee on Insurance & Actuarial Matters aimed at reinforcing the NDIC’s role in maintaining financial stability amidst economic challenges.

Hassan intimated the Chairman of the committee that following the liquidation of Heritage Bank, said payment of the insured sum was prompt in line with best practice. 

He acknowledged that the Corporation has re-strategized on aggressive debt recovery, to ensure recovery of outstanding debts owed to the defunct bank

According to him, “Honourable Chairman and Honourable members of the Committee, as you are aware, we commenced the liquidation of the defunct Heritage Bank last year, following the revocation of its banking license by the Central Bank of Nigeria. The payment of the insured sum was prompt in line with best practice. Furthermore, we have made significant progress in the disposal of the physical assets of the defunct bank, and we are pleased to announce that, the first tranche of liquidation dividend of 9.2 kobo per naira, will be paid to uninsured depositors of the defunct bank before the end of April 2025.”

He stressed that they recognised the need to protect and protect consumer and public confidence in the nation’s financial system inview of the recent crash of the CBEX pyramid scheme, which resulted in an estimated loss of N1.3 trillion. 

He emphasised that their resolve is in line with the Federal Government’s determination towards achieving sustainable growth by strengthening the financial system and ensuring its stability, amid emerging and ongoing disruptions in the financial system.

On his side, the Chairman, House Committee on Insurance & Actuarial Matters, Ahmadu Jaha, said programmes like this provides a platform for synergy.

According to him, “This is where the synergy between the legislature and the institution like NDIC becomes even more significant. Our collective responsibility to ensure that the legal and operational framework governing financial system safety are continually refined to meet the both present and future challenges.”