Over N37.8bn paid to depositors of failed banks in 2025, says NDIC

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,  spoke on Monday during the second quarter 2026 citizens and stakeholders’ engagement session organised by the federal ministry of finance in Abuja.

According to the NDIC boss, 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.(TheCable)