Nigeria, Jan. 12 -- The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of N24.3 billion for depositors of the defunct Heritage Bank, bringing the total payouts to N70.9 billion.

In a statement signed by Hawwau Gambo, head of the Communication and Public Affairs Department, on 9 January, the NDIC said the payment would be made to depositors whose account balances exceeded the statutory insured limit of N5 million at the time the bank was closed.

The corporation said the second liquidation dividend was payable at a rate of 5.2 kobo for every N1 on outstanding uninsured balances, in line with Section 72 of the NDIC Act 2023, bringing the cumulative liquidation dividend declared so far to 14.4 kobo p...