The Nigeria Deposit Insurance Corporation (NDIC) has declared a N24.3 billion second liquidation dividend for depositors of the failed Heritage Bank Limited with balances above the statutory insured limit of N5 million, as recovery efforts from the bank’s assets continue.
In a statement signed by Hawwau Gambo, head, Communication and Public Affairs Department, the Corporation said the amount, which was realised from debt recovery, sale of physical assets and the realisation of investments, will be applied to the payment of uninsured balances of depositors whose funds exceeded the N5 million insured threshold.
According to the NDIC, the second liquidation dividend is payable at the rate of 5.2 kobo per N1.00 on outstanding balances, in line with Section 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared so far to 14.4 kobo per N1.00.