The Nigeria Deposit Insurance Corporation (NDIC) has announced that the first tranche of liquidation dividends for uninsured depositors of the defunct Heritage Bank will be declared in April 2025.

The Corporation stated this in a statement released by the Acting Head of Communication & Public Affairs, NDIC, Hawwau Gambo, yesterday.

According to the statement, the declaration of the first tranche of liquidation dividends in April will be followed by the payment to uninsured depositors.

The NDIC stated that the payment will be made on a pro-rata basis, in line with Section 72 of the NDIC Act 2023, which prioritises the settlement of deposit liabilities over other liabilities when an insured institution fails.

The NDIC “With the considerable progress recorded in the asset realisation, the Corporation will declare the first tranche of liquidation dividends in April 2025, which will be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023 on the priority of claims.”

The Corporation stated that significant progress has been made in realising Heritage Bank’s assets and recovering its debts, allowing the planned declaration and subsequent payout to move forward.