More cash is coming for Heritage Bank depositors who had over the insured limit. The Nigeria Deposit Insurance Corporation announced a second liquidation dividend totaling twenty-four point three billion naira. This payment goes to customers whose balances exceeded the five million naira coverage when the bank was shut down. The corporation clarified that this is not the final payment, with more expected as additional assets are sold.
This follows an earlier dividend distribution of forty-six point six billion naira declared previously. The Central Bank of Nigeria had revoked the bank's operating licence, appointing the NDIC as liquidator. Since then, the corporation has worked on selling physical assets and recovering outstanding debts owed to the failed bank. Funds from these activities generate the dividends for uninsured depositors.
The latest dividend translates to a payment rate of five point two kobo for every naira of uninsured balance. Combined with the first payout, the total rate reaches fourteen point four kobo per naira. The NDIC will deposit the funds automatically using existing customer details and Bank Verification Numbers. People should check their registered accounts for the credit.
Depositors without alternate accounts or those yet to claim their insured amounts must contact the NDIC. They can visit a local office or submit a claim form on the corporation's website for processing. The NDIC defines a liquidation dividend as payments from asset sales and debt recovery that benefit depositors with balances above the insured limit. Other creditors and shareholders receive funds only after all depositors are fully paid.
This follows an earlier dividend distribution of forty-six point six billion naira declared previously. The Central Bank of Nigeria had revoked the bank's operating licence, appointing the NDIC as liquidator. Since then, the corporation has worked on selling physical assets and recovering outstanding debts owed to the failed bank. Funds from these activities generate the dividends for uninsured depositors.
The latest dividend translates to a payment rate of five point two kobo for every naira of uninsured balance. Combined with the first payout, the total rate reaches fourteen point four kobo per naira. The NDIC will deposit the funds automatically using existing customer details and Bank Verification Numbers. People should check their registered accounts for the credit.
Depositors without alternate accounts or those yet to claim their insured amounts must contact the NDIC. They can visit a local office or submit a claim form on the corporation's website for processing. The NDIC defines a liquidation dividend as payments from asset sales and debt recovery that benefit depositors with balances above the insured limit. Other creditors and shareholders receive funds only after all depositors are fully paid.
