The payment of N46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank has commenced by Nigeria Deposited Insurance Corporation.
The corporation’s Acting Head, Communication and Public Affairs, Hawwau Gambo disclosed this in a statement on Sunday.
She said that the funds were realised from recovery of debts owed and sales of the bank’s assets.
Speaking further, Gambo explained that the liquidation dividend which was paid to depositors of the closed bank is far beyond the maximum insured limit adding that liquidation dividends may also cover payments to creditors and shareholders once all depositors have been fully reimbursed.
The NDIC began payment of the first tranche of liquidation dividends on April 25.
According to Gambo, the initial dividend is paid at 9.2 kobo per naira on a pro-rata basis to depositors with balances above N5 million.
She noted that further payments would be made as more assets of the defunct bank are realised and outstanding debts recovered.
“Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends,” Gambo said.
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