The Nigeria Deposit Insurance Corporation (NDIC) says it paid N4.06 billion to
13,446 insured depositors of failed banks in 2025.
Thompson Sunday, managing director of NDIC said another N33.59 billion was
paid to uninsured depositors through liquidation dividends.
He added that 698,040 depositors of the defunct Heritage Bank had so far
received payments.
“Payment to uninsured depositors is made from proceeds of disposal of assets,
recovery and realisation of assets of failed banks,” he said.
The NDIC boss also said the corporation recovered N42.69 billion from debts
owed by failed banks and realised N14.72 billion from investments and asset
disposals.
Sunday said the NDIC Act 2023 expanded the corporation’s powers to resolve
failing banks, recover assets and protect depositors.
He added that the corporation had also deployed technology to speed up
reimbursement of depositors through the use of bank verification number
(BVN) records.
“By harnessing technology, the corporation has transformed how quickly
depositors get their money back after a bank fails, using BVN records to find
and pay people automatically.”
He said the NDIC currently supervises 914 insured financial institutions
alongside the Central Bank of Nigeria (CBN) and has collaborated with the
apex bank on the ongoing bank recapitalisation exercise.
The corporation said stronger bank capital would improve the sector’s ability to
absorb shocks, expand lending to the private sector and support investment, job
creation and economic growth.
Earlier, Raymond Omachi, permanent secretary of the ministry of finance, said
the engagement was part of the ministry’s commitment to transparency and
accountability in implementing the presidential priorities and ministerial
deliverables.
Omachi said the ministry remained focused on fiscal reforms aimed at restoring
macroeconomic stability, improving public financial management and placing
the economy on a sustainable growth path.