The Nigeria Deposit Insurance Corporation (NDIC) has announced that it paid a total of N4.06 billion to 13,446 insured depositors of failed banks in 2025 as part of its efforts to protect customers affected by bank closures.
Speaking during the second-quarter 2026 Citizens and Stakeholders’ Engagement Session organised by the Federal Ministry of Finance in Abuja, the Managing Director of the NDIC, Thompson Sunday, disclosed that the corporation also paid N33.59 billion to uninsured depositors through liquidation dividends.
According to him, 698,040 customers of the defunct Heritage Bank have so far received compensation from the corporation.
Sunday explained that payments to uninsured depositors are made from funds generated through the recovery of debts, disposal of assets and other resources belonging to failed financial institutions.
He further revealed that the NDIC recovered N42.69 billion from outstanding debts owed by failed banks and realised an additional N14.72 billion through investments and the sale of assets.
The NDIC boss noted that the NDIC Act 2023 has strengthened the corporation’s authority to resolve distressed banks, recover assets and safeguard depositors’ interests.
He also highlighted the agency’s adoption of technology to improve the speed of reimbursement, explaining that the use of Bank Verification Number (BVN) records has enabled automatic identification and payment of eligible depositors after bank failures.
According to him, the corporation currently supervises 914 insured financial institutions alongside the Central Bank of Nigeria (CBN) and is working closely with the apex bank on the ongoing bank recapitalisation programme.
He said stronger capital requirements for banks would enhance the financial sector’s resilience, increase lending to businesses, encourage investment, create jobs and support long-term economic growth.
Earlier, the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, said the engagement session reflects the ministry’s commitment to transparency, accountability and effective implementation of the government’s economic priorities.
He added that the ministry remains focused on fiscal reforms aimed at strengthening macroeconomic stability, improving public financial management and driving sustainable economic development.
