Nigeria Deposit Insurance Corporation (NDIC) has said that it has commenced the payment of N46.6 billion from liquidation dividends to depositors of the defunct Heritage Bank.

Hawwau Gambo, acting head of communication and public affairs at the corporation, announced in a statement on Sunday.

Gambo said the funds were realised from the sale of Heritage Bank’s assets and the recovery of debts owed to the institution.

She explained that a liquidation dividend is paid to depositors of a closed bank, beyond the maximum insured limit, using proceeds from asset sales and debt recoveries.

The spokesperson added that after all depositors have been fully reimbursed, creditors and shareholders may also benefit from the liquidation proceeds.

Gambo said it began payment of the first tranche of liquidation dividends on April 25, at a rate of 9.2 kobo per naira on a pro-rata basis to depositors with balances exceeding N5 million.

“Depositors with balances exceeding N5 million who did not receive their liquidation dividends should visit the nearest NDIC office,” the spokesperson said.

She also encouraged depositors without alternative bank accounts — who were not paid their insured amount — to visit NDIC offices or download the necessary forms from the agency’s website.

“Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends,” Gambo added.

Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC said it immediately reimbursed insured deposits of up to N5 million.

To ease the process, the agency used bank verification numbers (BVN) to locate alternate accounts and credit depositors automatically.

Gambo said further payments would be made as more assets of the defunct bank are recovered and realised.

The World Bank has predicted that Nigeria may likely see a rise in the levels of poverty over the next two years despite a moderate economic growth forecast.

The multilateral lender noted that while non-resource-rich countries are expected to continue reducing poverty and grow faster, resource-rich countries like Nigeria may drag due to declining oil prices.

”Resource-rich countries are expected to see less progress in terms of poverty reduction,” the World Bank said in its Africa Pulse report titled ‘Improving Governance and Delivering for People in Africa’.

“Importantly, poverty in resource-rich, fragile countries (which include large countries like the Democratic Republic of Congo and Nigeria) is expected to increase by 3.6 percentage points over 2022–27,” it added.

The Nigerian government has in the past two years provided various safety nets to ease the burden of the citizens, but these, on their own, may not be enough to lift millions off the poverty line.

The reforms which were implemented some 20 months ago, though came with a plethora of gains such as allowing the economy to be market-driven rather than artificial pegging, it’s nonetheless exacerbated poverty with the numbers rising from 104 million to 129 million people in a year.

According to the World Bank, Nigeria accounts for 19 percent of the share of poverty in Sub-Saharan Africa, followed by Congo, Ethiopia and Sudan with 14 percent, 9 percent and 6 percent respectively.

But despite the growing poverty, the Washington-based lender expects Africa’s most populous nation annual GDP to increase 3.6 percent in 2025 and 3.8 percent in two years. “Economic growth is expected to remain moderate in Nigeria,” the World Bank said.

“It is expected to increase from 3.4 percent in 2024 to 3.6 percent in 2025, and slightly increase to 3.8 percent in 2026–2027.”

According to the World Bank, the gradual recovery of the Nigerian economy along the forecast horizon is driven primarily by the service sector—specifically, finance, information and communications technology services, and transportation—and, to a lesser extent, a rebound in oil production that converges to its OPEC+ quota.

The World Bank’s projection is relatively higher than the International Monetary Fund (IMF) revised forecast for the nation.

IMF cuts Nigeria’s 2025 economic growth forecast downward to 3.0 percent from the earlier projection of 3.4 percent in 2024, citing weakening oil supply and escalating global trade tensions.

The two projections are however largely lower than Nigeria’s ambitious projected annual GDP growth of 4.6 percent outlined in the 2025 budget.

According to Adetilewa Adebajo, investment banker and economist Nigeria must intensify efforts towards economic diversification, infrastructure development, and asset optimisation to stimulate economic growth and attract global investments

“Sale of oil and gas JV assets to optimise equity within the FGN capital structure and balance sheet are crucial for Nigeria’s path towards sustainable development.

“Deliberate Investment projects such as the Agro Airport development and Olokola deep sea port, in Ogun State, major infrastructure projects led by companies like Arise and Dangote, need to be replicated nationwide,” Adebajo said.

Securities and Exchange Commission (SEC) has urged Nigerians to report any suspected illegal investment schemes to the commission for proper investigation and necessary action.

This is in the light of the recent collapse of Crypto Bridge Exchange (CBEX).

The Commission issued a notice on Thursday to the investing public, warning that Ponzi investment schemes pose a significant danger to the growth of the capital market.

In its latest advisory, the Commission highlighted the growing threats and risks posed by Ponzi schemes, illegal investment operations, and unregistered digital asset platforms.

It explained that fraudulent entities and individuals continue to exploit unsuspecting investors with deceptive promises of high returns, often leveraging the allure of digital assets to create a false sense of legitimacy.

“The public is strongly advised to be wary of investment opportunities that promise guaranteed or unusually high returns with little or no risk.

“These include unregistered platforms offering cryptocurrency investments, forex trading, or blockchain-based schemes, without undergoing the prescribed processes to obtain prior approval from the SEC.

“The SEC reiterates in this regard that, ‘If it sounds too good to be true, it likely is.’”

The Commission urged potential investors to conduct thorough due diligence before investing and to verify the registration status of the company or individual offering the investment through the SEC’s website.

The Commission explained that Section 196(3) of the Investments and Securities Act, 2025, criminalizes the promotion and operation of prohibited or unregistered schemes.

“This violation is punishable, upon conviction, by a fine of not less than ₦20 million or a prison term of 10 years, or both,” the Commission warned.

The SEC stated that it is fully committed to identifying and prosecuting offenders to the full extent of the law.

“We encourage the public to partner with the SEC to safeguard the integrity of the investment environment in Nigeria by promptly reporting suspected illegal investment schemes to the SEC,” the notice concluded.