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The short answer
If you had more than ₦5 million in Heritage Bank, the NDIC paid the first ₦5 million as insured deposit and is repaying the rest from what it recovers in the liquidation. As at October 2026 it has declared two liquidation dividends, 9.2 kobo per naira in April 2025 and 5.2 kobo per naira in January 2026, a cumulative 14.4 kobo for every naira above the limit, with more promised as assets are sold.
Most Heritage Bank customers were made whole quickly because their balances fitted inside deposit insurance. The few thousand who held more than ₦5 million are in a different position: they are owed the excess by a bank that no longer exists, and they are paid only as fast as the liquidator can turn the bank's assets into cash. This article explains how that works, what has been paid, and how to calculate your own position.
Two layers: insured and uninsured
- Insured part
- The first ₦5 million of your total deposits at Heritage Bank. Paid by the NDIC from the Deposit Insurance Fund, mostly in June 2024, into your BVN-linked account at another bank.
- Uninsured part
- Everything above ₦5 million. Not covered by deposit insurance. Repaid in instalments called liquidation dividends, funded by recoveries from the bank's loans, assets and investments.
The limit applies per depositor, not per account. If you had a savings account and a current account in your own name, they are added together before the ₦5 million is applied. Our explainer on NDIC deposit insurance limits covers how limits are set for different kinds of institution.
Where the money for dividends comes from
When the NDIC declared the second dividend in January 2026, it said the money came from recovering debts owed to the bank, disposing of physical assets and realising investments. In June 2024 it put the loans owed to Heritage Bank at about ₦700 billion against preliminary deposits of about ₦650 billion, and said it would pursue those loans. How much of that book is collected, and how quickly, is what decides the eventual total you receive.
The NDIC has said payment follows Section 72 of the NDIC Act 2023 on the priority of claims: depositors rank ahead of the bank's other liabilities, and creditors and shareholders are paid only after all depositors have been fully reimbursed.
What has been declared so far
| Dividend | Date | Total | Rate per ₦1 above the limit |
|---|---|---|---|
| First | April 2025 | ₦46.6 billion | 9.2 kobo |
| Second | January 2026 | ₦24.3 billion | 5.2 kobo |
| Cumulative | to October 2026 | ₦70.9 billion | 14.4 kobo |
The totals add up: ₦46.6bn plus ₦24.3bn is ₦70.9bn, and 9.2 plus 5.2 kobo is 14.4 kobo. Rates are as the NDIC announced them and reported by Nairametrics on 12 January 2026. The NDIC said further dividends will follow as more assets are realised; it did not give a date or a forecast.
Worked example
Example only. Suppose your combined Heritage Bank balance on 3 June 2024 was ₦12,000,000.
| Step | Calculation | Amount |
|---|---|---|
| Insured deposit paid by NDIC | first ₦5,000,000 | ₦5,000,000 |
| Uninsured balance | ₦12,000,000 − ₦5,000,000 | ₦7,000,000 |
| First dividend (9.2 kobo per ₦1) | ₦7,000,000 × 0.092 | ₦644,000 |
| Second dividend (5.2 kobo per ₦1) | ₦7,000,000 × 0.052 | ₦364,000 |
| Received so far | ₦5,000,000 + ₦644,000 + ₦364,000 | ₦6,008,000 |
| Still outstanding | ₦12,000,000 − ₦6,008,000 | ₦5,992,000 |
So in this example the depositor has received about half of the original balance, almost all of it from insurance, and is waiting on further dividends for the remaining ₦5.99 million. Your own figure follows the same steps with your balance.
How you receive the dividend
- The NDIC pays into the alternate bank account already on its records, identified through your BVN. You do not need to apply again for each dividend if you were paid before.
- Check that account's statement around each declaration date; alerts may not arrive.
- If you never gave the NDIC an alternate account, or were never paid the insured part, visit an NDIC office or file an e-claim on the NDIC website.
- Bring proof of deposit (statement, passbook or fixed deposit certificate), a valid ID, a passport photograph and details of an active account at another bank, which are the documents the NDIC lists on its claims page.
Step-by-step details are in our guide to claiming a Heritage Bank NDIC payout, and the dates are in the closure timeline.
Things to know before you plan around it
- There is no promised final percentage. Do not count on recovering the full uninsured balance.
- The NDIC works from its own record of your balance at closure, so keep your old statements until the liquidation ends.
- Anyone offering to speed up your dividend for a fee is not part of the NDIC process.
- Companies and trustees holding large balances follow the same pro rata process as individuals.
Where Pryme fits
One practical lesson is to spread large sums so no single institution holds more than the insured limit. A Pryme account's naira deposits are held by Solid Allianze Microfinance Bank Ltd and insured by the NDIC up to the applicable limit; Savings Boxes such as Flexible and Fixed are described on Boxes.
Questions people ask
How much has NDIC paid Heritage Bank depositors above N5m?
Two liquidation dividends as at October 2026: 9.2 kobo per naira (April 2025) and 5.2 kobo per naira (January 2026), a cumulative 14.4 kobo for every naira above ₦5 million.
Will Heritage Bank depositors above 5 million get all their money?
Not necessarily. Uninsured balances are repaid only from what the NDIC recovers. It has said more dividends will be paid, but it has not promised full repayment or a final figure.
Do I need to apply for each Heritage Bank dividend?
No, if the NDIC already has your BVN-linked alternate account; dividends are paid into it. If you have never been paid, file a claim at an NDIC office or through its e-claim route.
Is the N5m limit per account or per person?
Per depositor. The NDIC describes the cover as per depositor, so balances across your own accounts at the bank count towards one ₦5 million limit.
Sources
- Nairametrics: NDIC declares N24.3 billion second liquidation dividend for Heritage Bank depositors (12 January 2026) · accessed Oct 2026
- News Agency of Nigeria: Heritage Bank, NDIC begins payment of depositors with balances above N5m (30 March 2025) · accessed Oct 2026
- BusinessDay: NDIC says it will recover N700bn Heritage Bank loans (5 June 2024) · accessed Oct 2026
- NDIC: Your claims (claims documents and contacts) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.