The Nigeria Deposit Insurance Corporation (NDIC) says it has paid ₦37.65 billion to depositors of failed banks in 2025.
Thompson Sunday disclosed this 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, ₦4.06 billion was paid to 13,446 insured depositors of failed banks, while an additional ₦33.59 billion was disbursed to uninsured depositors through liquidation dividends.
He added that 698,040 depositors of the defunct Heritage Bank have 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.
Sunday also disclosed that the corporation recovered ₦42.69 billion from debts owed by failed banks and realised ₦14.72 billion from investments and asset disposals.
He noted that the NDIC Act 2023 expanded the corporation’s authority to resolve distressed banks, recover assets and strengthen depositor protection.
He added that the corporation has adopted technology to accelerate reimbursement to 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.”
Sunday said the NDIC currently supervises 914 insured financial institutions alongside the Central Bank of Nigeria (CBN) and has also partnered with the apex bank on the ongoing bank recapitalisation exercise.
According to the corporation, stronger bank capital will improve the sector’s ability to withstand shocks, boost 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 reflects the ministry’s commitment to transparency and accountability in delivering presidential priorities and ministerial goals.
Omachi added that the ministry remains focused on fiscal reforms aimed at restoring macroeconomic stability, improving public financial management and placing the economy on a sustainable growth path.