…As CEO Assures Safety of Bank Depositors’ Funds
The Nigeria Deposit Insurance Corporation (NDIC) disclosed on Monday that it remitted about N950 billion to the Federal Government’s Consolidated Revenue Fund (CRF).
The corporation’s Managing Director and Chief Executive of the NDIC, Mr. Thompson Sunday, who made this disclosure at the second-quarter Citizens and Stakeholders’ Engagement Session organised by the Federal Ministry of Finance in Abuja, also restated its commitment to safeguarding depositors’ funds and strengthening the stability of the country’s financial system.
The deposit insurance expert explained that the corporation’s consistent contribution to Federation Account revenue underscored its growing role in supporting national economic development beyond its statutory responsibility of protecting depositors and resolving failed banks’ problems in the country.
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Specifically, he disclosed that the corporation contributed approximately N950 billion to the Federal Government’s Consolidated Revenue Fund, including about N274 billion remitted in the previous year.
Sunday, who spoke about the NDIC’s commitment to a resilient financial system, stronger deposit protection, enhanced financial inclusion and sustained confidence in the banking sector, said the NDIC Act 2023 empowered the corporation to provide deposit insurance, supervise insured financial institutions alongside the Central Bank of Nigeria (CBN), resolve distressed banks and liquidate failed financial institutions.
He explained that the 2023 Act strengthened the deposit insurance framework by increasing the maximum insured deposit for deposit money banks from N500,000 to N5 million just as coverage for microfinance banks and primary mortgage banks was raised from N200,000 to N2 million.
The NDIC boss further clarified that the legislation also provided for the protection of customers of payment service banks (PSBs) and mobile money operators (MMOs) up to N5 million, with the reforms extending deposit insurance coverage to about 98.98 per cent of deposit money bank customers.
Sunday also hinted that the corporation had reduced the time required to reimburse insured depositors from the statutory 30 days to 72 hours after the revocation of a bank’s licence by leveraging the Bank Verification Number (BVN) and the Nigeria Inter-Bank Settlement System (NIBSS).
He recalled that the NDIC paid insured depositors of Heritage Bank within four days of the bank’s licence revocation and completed payments to customers of Union Homes and ASO Savings within 72 hours.
Giving further insights into the corporation’s bank deposit insurance initiatives in the past few years, the Managing Director disclosed that the NDIC currently supervises 914 licensed financial institutions with over 281 million deposit accounts in the country, paid N51.04 billion as insured deposits to defunct Heritage Bank customers and disbursed N33.59 billion as liquidation dividends to uninsured depositors, while efforts to recover more assets continue.
In addition, he said the NDIC conducted on-site examinations of 287 financial institutions in 2025 and resolved about 85 per cent of depositor complaints received during the period, adding that Nigerian banks remain among the country’s most regulated institutions because of their critical role in protecting depositors’ funds and supporting economic stability.
Delivering his paper at the forum, the Permanent Secretary, Federal Ministry of Finance, Mr. Raymond Omachi, said continuous engagement with citizens and stakeholders remained critical to improving transparency, accountability and public understanding of the Federal Government’s fiscal reforms.
Omachi described the NDIC as a critical component of Nigeria’s financial safety net based on its role in protecting depositors and maintaining confidence in the banking system and by extension, the nation’s economic stability.
