NDIC Pays N69.65 Billion to Insured Bank Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has paid a cumulative N69.65 billion to insured depositors of failed financial institutions. During the 2026 Customer Service Week in Abuja, the agency detailed recent payouts including N1.48 billion to 10,312 depositors across 47 closed microfinance banks, such as Goldman, Frontline, and Abia SME. Other significant disbursements included N1.147 billion to 1,082 depositors of Union Homes Savings and Loans Plc, N313.02 million to 8,248 depositors of ASO Savings and Loans, and N54.23 billion to 715,529 depositors of Heritage Bank following its June 2024 closure.

To accelerate settlements, the NDIC now utilizes Bank Verification Number (BVN) validation via the Nigeria Inter-Bank Settlement System. This technology allows the agency to identify depositors and secure alternative accounts, enabling payments to begin within three days of a license revocation by the Central Bank of Nigeria.

Managing Director Thompson Oludare Sunday announced the NDIC Ascend restructuring program and a refreshed Strategic Plan to modernize operational processes and integrate technology into service delivery. The agency is also distributing liquidation dividends to uninsured depositors from recovered assets to further protect customers and safeguard confidence in the wider economy.