The Nigeria Deposit Insurance Corporation (NDIC) says it has remitted about N950 billion to the Federal Government’s Consolidated Revenue Fund (CRF), reaffirming its role in supporting public finances while remaining financially self-sustaining.
Speaking during a media engagement, the Managing Director of the NDIC, Dr. Thompson Oludare Sunday, disclosed that the corporation contributed approximately N274 billion to the CRF in 2025 and expects to exceed that amount this year.
According to him, the NDIC has consistently increased its remittances to the Federal Government while maintaining strong financial performance through insurance premiums and investment income.
The NDIC boss also stated that the corporation has no immediate plans to increase deposit insurance premiums paid by insured financial institutions. He explained that any future review would only be carried out after careful assessment to avoid creating an environment that discourages banks from maintaining sound risk management practices.
Sunday noted that the current deposit insurance framework already provides full protection for 98.98 percent of depositors, making an immediate adjustment unnecessary.
On the issue of Heritage Bank, he assured affected customers that the corporation is working to recover loans, investments and other assets belonging to the failed bank to enable further payments to depositors whose balances exceeded the insured limit.
He revealed that the NDIC is pursuing the recovery of a significant outstanding loan from one of the bank’s major debtors, adding that successful recovery would allow the corporation to settle most of the remaining depositors.
The managing director explained that the NDIC continues asset recovery efforts even after paying insured deposits whenever a bank is liquidated, allowing additional liquidation dividends to be distributed to eligible customers.
He disclosed that more than N120 billion has already been paid to Heritage Bank depositors through insured deposits and liquidation dividends. This includes N51.04 billion paid immediately after the bank’s licence was revoked, followed by N46.6 billion in April 2025 and N24.3 billion in January 2026.
Sunday also highlighted improvements in the corporation’s claims process, saying payment of insured deposits has been reduced from the statutory 30 days to just 72 hours after a bank’s licence is revoked.
He attributed the faster payment process to the use of the Bank Verification Number (BVN), the Nigeria Inter-Bank Settlement System (NIBSS) and the NDIC’s electronic claims platform, which enables direct transfers into customers’ alternative bank accounts.
The NDIC chief further explained that the NDIC Act 2023 has strengthened depositor protection by giving depositors priority over creditors and shareholders during bank liquidation while expanding the corporation’s powers to resolve distressed banks, recover assets and prosecute those responsible for bank failures.
He added that deposit insurance coverage has increased significantly, with the maximum insured amount for commercial bank customers rising from N500,000 to N5 million, while customers of microfinance banks, primary mortgage banks and payment service banks now enjoy coverage of up to N2 million, compared to the previous N200,000 limit.
Commenting on the banking sector recapitalisation exercise, Sunday expressed confidence in the financial strength of Nigerian banks, stating that regulators thoroughly verified every capital injection to ensure only genuine funds were accepted.
He disclosed that the NDIC currently provides deposit insurance coverage for 914 licensed financial institutions, protecting more than 281 million deposit accounts across the country.
The corporation also recovered N42.65 billion from outstanding loans owed to failed financial institutions, realised N14.72 billion from investments and generated N78.57 billion through the sale of assets belonging to failed banks.
According to him, the NDIC is currently overseeing the liquidation of 653 failed financial institutions while strengthening supervision through on-site examinations and prompt resolution of customer complaints.
Also speaking at the event, the Permanent Secretary of the Federal Ministry of Finance, Raymond Omenka Omachi, commended the NDIC for its consistent financial contributions to the Federal Government, describing the corporation as one of the few agencies that sustains its operations while making regular remittances to the Consolidated Revenue Fund.
