The Nigeria Deposit Insurance Corporation has remitted a cumulative ₦950bn into the Federal Government’s Consolidated Revenue Fund, with the agency expressing optimism that the figure will increase as it strengthens its operations and financial performance.
The Managing Director/Chief Executive Officer of the NDIC, Dr Thompson Sunday, disclosed this during a media briefing on the corporation’s contribution to the Federal Government’s Renewed Hope Agenda.
He said the corporation, which is funded through bank insurance premiums and investment income rather than government allocations, contributed about ₦274bn to the Consolidated Revenue Fund in 2025 alone.
According to him, the NDIC has consistently increased its remittances to the Federal Government over the years.
“We have contributed about ₦950bn to the CRF, and our contribution has been trending upward. Last year, it was around ₦274bn. Hopefully, this year will be even better,” Sunday said.
The Permanent Secretary, Federal Ministry of Finance, Mr Raymond Omachi, commended the corporation for maintaining financial discipline and consistently remitting revenue to the Federal Government despite operating without government subventions.
On the liquidation of Heritage Bank, Sunday assured depositors with outstanding balances that the corporation was intensifying efforts to recover debts owed by major obligors of the failed bank to facilitate further payments.
He disclosed that a substantial loan owed by one of the bank’s largest debtors was being pursued, expressing confidence that the recovery would enable the NDIC to settle most of the remaining depositors.
According to him, the corporation’s responsibility extends beyond paying insured deposits to recovering non-performing loans, disposing of assets and converting investments into cash to fund liquidation dividends for depositors whose funds exceed the insured threshold.
“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 said it has so far paid over ₦120bn to Heritage Bank depositors through insured deposits and liquidation dividends. The payments comprise an initial insured payout of ₦51.04bn following the revocation of the bank’s licence, ₦46.6bn paid in April 2025 and another ₦24.3bn disbursed in January 2026.
Sunday reiterated the corporation’s commitment to recovering more assets to enable additional payments to affected customers.
The NDIC boss also disclosed that the corporation had reduced the timeline for reimbursing insured depositors from the statutory 30 days to 72 hours.
He attributed the improvement to the deployment of the Bank Verification Number, the Nigeria Inter-Bank Settlement System and an online claims platform that allows direct payment into customers’ alternative bank accounts.
Although the NDIC Act provides a 30-day window for reimbursements, he said the agency considered the period too long and adopted a faster electronic payment system.
Sunday further noted that the NDIC Act 2023 strengthened depositor protection by giving depositors first priority in bank liquidation ahead of creditors and shareholders, while also granting the corporation wider powers to resolve failing banks, recover assets and prosecute those responsible for bank failures.
He, however, said the corporation had no immediate plans to increase insurance premiums paid by banks, maintaining that the current framework adequately protects 98.98 per cent of depositors.
Under the revised insurance limits, deposit coverage for customers of commercial banks has increased from ₦500,000 to ₦5m, while customers of microfinance banks, primary mortgage banks and payment service banks are now covered up to ₦2m, compared to the previous ₦200,000.
Speaking on the ongoing banking sector recapitalisation, Sunday expressed confidence in the stability of the industry, saying the Central Bank of Nigeria and the NDIC subjected all capital injections to rigorous verification to ensure they were genuine and not financed through borrowed or illicit funds.
He added that the corporation did not expect any bank to fail as a result of the recapitalisation exercise, although contingency plans had been developed to respond to unforeseen developments.
