The Nigeria Deposit Insurance Corporation (NDIC) has remitted a cumulative
₦950 billion into the Federal Government’s Consolidated Revenue Fund (CRF),
with the figure expected to rise as the corporation strengthens its operations and
financial performance.
NDIC’s Managing Director/Chief Executive, Dr Thompson Oludare Sunday,
said the corporation remains fully self-funded through bank insurance premiums
and investment income, without relying on government subventions.
He disclosed that the NDIC contributed about ₦274 billion to the CRF in 2025
alone, describing the corporation as a consistent revenue-generating institution
for the government.
“We have contributed about ₦950 billion to the CRF, and our contribution has
been trending upward. Last year, it was around ₦274 billion. Hopefully, this
year will be even better,” he said.
The Permanent Secretary of the Federal Ministry of Finance, Mr Raymond
Omenka Omachi, commended the NDIC for its financial discipline and regular
remittances, describing it as one of the few government agencies that operate
independently while consistently contributing to the national treasury.
Omachi stressed that transparency, public engagement and accountability re
Providing an update on the liquidation of Heritage Bank, Dr Sunday assured
customers with outstanding balances that the NDIC is working to recover a
substantial loan from one of the bank’s largest debtors, which would enable the
corporation to pay most of the remaining depositors.
He explained that the NDIC’s responsibility goes beyond paying insured
deposits, as it continues to recover non-performing loans, dispose of assets and
convert investments into cash to fund liquidation dividends for depositors
whose balances exceed the insured limit.
“A particular borrower in Heritage Bank is being required to pay a substantial
amount. Once we recover those funds, we will be able to pay most of the
remaining depositors,” he said.
The NDIC has so far paid more than ₦120 billion to Heritage Bank depositors
through insured deposits and liquidation dividends. This includes an initial
insured payment of ₦51.04 billion after the bank’s licence was revoked,
followed by ₦46.6 billion in April 2025 and another ₦24.3 billion in January
2026.
Dr. Sunday reaffirmed the corporation’s commitment to recovering additional
assets to facilitate further payments.
The NDIC boss also revealed that the corporation has reduced the time required
to reimburse insured depositors from the statutory 30 days to just 72 hours.
According to him, the faster payment process is powered by the Bank
Verification Number (BVN), the Nigeria Inter-Bank Settlement System
(NIBSS) and an online claims portal that enables direct payment into
customers’ alternative bank accounts without requiring physical visits to NDIC
offices.
“Although the law gives us 30 days to make payments, we considered that too
long. Today, we pay eligible depositors within 72 hours through our electronic
payment system,” he said.