The Nigeria Deposit Insurance Corporation (NDIC) has paid roughly N950 billion into the Federal Government’s Consolidated Revenue Fund (CRF) since inception, the agency’s Managing Director, Dr. Thompson Oludare, announced on Monday in Abuja.
Speaking at the Federal Ministry of Finance’s second-quarter Citizens and Stakeholders’ Engagement Session, Dr. Oludare said the figure includes about N274 billion remitted in 2025 alone, and framed the contribution as evidence of the Corporation’s expanding role in national economic reform beyond its core mandate of protecting bank depositors and winding down failed institutions.
The session, hosted at the Ministry’s headquarters, forms part of a recurring effort by the Ministry to brief the public on how government agencies are executing presidential and ministerial priorities. Previous editions have featured agencies including the Ministry of Finance Incorporated (MOFI), the Nigeria Consumer Credit Corporation (CREDICORP), and the Securities and Exchange Commission (SEC).
Oludare used the platform to outline how the NDIC Act of 2023 has reshaped the deposit insurance landscape. The law raised the maximum insured deposit for Commercial Banks from N500,000 to N5 million, while coverage for Microfinance Banks and Primary Mortgage Institutions jumped from N200,000 to 2 million.
Customers of payment service banks and mobile money operators are now covered up to N5 million as well.
Collectively, Oludare said these changes mean about 98.98% of deposit money bank customers now have their funds fully covered.
The corporation has also sped up reimbursements. By drawing on the Bank Verification Number system and the Nigeria Inter-Bank Settlement System, the NDIC has cut payout times from a statutory 30days to as little as 72 hours after a bank’s licence is revoked.
Oludare cited recent examples: depositors of Heritage Bank were paid within four days of the bank’s closure, while customers of Union Homes and ASO Savings received their funds within 72 hours.
According to Oludare, NDIC currently supervises 914 licensed financial institutions holding more than 281 deposit accounts nationwide. He explained that in the case of Heritage Bank , the corporation has paid out N51.04 billion in insured deposits and a further N33.59 billion in liquidation dividends to uninsured depositors, with assets recovery efforts ongoing.
He said the agency has also recovered additional funds through debt recovery and the disposal of assets from other failed institutions.
On supervisory activity, Oludare said the NDIC carried out on-site examinations of 287 financial institutions in 2025 and resolved roughly 85% of depositor complaints filed during the year.
He described Nigerian banks as among the most heavily regulated institutions in the country, citing their central role in safeguarding public funds.
He reaffirmed the NDIC’s support for the Federal Government’s Renewed Hope Agenda, pointing to deposit protection, financial inclusion, and public confidence in banking as pillars of that commitment.
Earlier, the Permanent Secretary, Ministry of Finance, Mr. Raymond Omachi said the platform was designed to strengthen transparency, accountability, and communication between the ministry and citizens, and to update stakeholders on policies and achievements since the inception of President Bola Tinubu’s administration.
Omachi described the NDIC as a critical part of the nation’s financial safety net, charged with protecting depositors and promoting confidence in the banking system.
He said the corporation was expected to present its mandate, reforms, and achievements, and expressed confidence that the dialogue would deepen collaboration between government and the public in advancing the administration’s economic transformation agenda.
