By Abiodun Folarin
WorldStage– The Nigeria Deposit Insurance Corporation (NDIC) has said that it paid N33.59 billion to uninsured depositors of failed banks, including the settlement of 698,040 depositors of the defunct Heritage Bank, as part of efforts to protect depositors and strengthen confidence in Nigeria’s banking system.
Managing Director and Chief Executive Officer of the NDIC, Mr. Thompson Sunday, disclosed this on Monday in Abuja during the Second Quarter 2026 Citizens and Stakeholders’ Engagement Session on the Implementation of Presidential Priorities and Ministerial Deliverables, organised by the Federal Ministry of Finance.
Sunday also revealed that the Corporation had paid N4.06 billion in insured deposits to 13,446 depositors of failed banks.
He said the NDIC remained committed to ensuring prompt reimbursement of depositors while promoting stability in the nation’s financial sector.
Speaking on the banking sector recapitalisation exercise, Sunday disclosed that 32 banks met the new capitalisation requirements before the March 31, 2026 deadline, with more than N4.61 trillion in fresh capital injected into the banking industry.
According to him, the NDIC worked closely with the Central Bank of Nigeria (CBN) to verify banks’ capital and ensure compliance with regulatory requirements. He added that the Corporation monitored the quality and sources of capital, identified undercapitalised banks early, and helped prevent unsafe practices during capital raising, including breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.
On the Corporation’s contribution to government revenue, Sunday said the NDIC had remitted more than N950.52 billion to the Consolidated Revenue Fund (CRF) since becoming a revenue-generating Government-Owned Enterprise, with over N505.53 billion remitted between 2023 and 2026.
He said the remittances reflected the Corporation’s commitment to supporting national fiscal objectives through prudent financial management, accountability and compliance with statutory requirements.
“Its contributions to the CRF reflect the Corporation’s commitment to national fiscal objectives by supporting government revenue and funding public expenditure, thereby contributing to economic stability, sustainable development, strong financial discipline and institutional credibility,” he said.
In his opening remarks, the Permanent Secretary, Federal Ministry of Finance, Mr. Raymond Omenka Omachi, described the engagement session as part of the ministry’s commitment to promoting transparency, accountability and effective communication with citizens and stakeholders on the implementation of the fiscal reform agenda of President Bola Ahmed Tinubu.
Omachi noted that the NDIC remains a key institution in Nigeria’s financial safety-net framework, playing a critical role in protecting depositors, boosting public confidence in the banking system and safeguarding financial sector stability.
The engagement session also provided a platform for the NDIC to highlight its mandate, ongoing reforms and achievements aimed at strengthening depositor protection and ensuring the stability of Nigeria’s financial system. The event followed similar presentations by the Ministry of Finance Incorporated (MoFI), the Nigeria Consumer Credit Corporation (CREDICORP) and the Securities and Exchange Commission (SEC).
