NDIC to Pay 100% Liquidation Dividend to Depositors of 20 Failed Banks in Nigeria

April 10, 2025

2 minutes read

Nigeria Deposit Insurance Corporation (NDIC)
The Nigeria Deposit Insurance Corporation (NDIC) is ready to pay a 100% liquidation dividend to depositors of 20 failed banks.

The Nigeria Deposit Insurance Corporation (NDIC) has announced its readiness to pay a 100% liquidation dividend to depositors of 20 failed banks.

This announcement marks a significant step in strengthening financial stability and depositor confidence in the Nigerian banking sector.

The announcement was made during the NDIC’s special day at the 36th Enugu International Trade Fair by the its Managing Director/Chief Executive, Mr. Bello Hassan, represented by the South East Zonal Coordinator, Pamela Robert.

She revealed that the first tranche of liquidation dividend will commence in April 2025.

NDIC Reaffirms Commitment to Financial Stability and Depositor Protection

Speaking at the event, Robert emphasised Nigeria Deposit Insurance Corporation’s dedication to protecting depositors and reinforcing public confidence in the Nigerian financial system.

“For over three decades, NDIC has safeguarded depositors and played a vital role in fortifying Nigeria’s financial system. Our core mandate includes insuring deposits in licensed banks, supervising financial institutions, and managing the resolution of distressed or failed banks,” she stated.

She clarified that NDIC, as a statutory liquidator, is responsible for:

  • Winding down failed banks’ operations,
  • Reimbursing insured depositors,
  • Recovering outstanding debts, and
  • Liquidating bank assets to settle claims.

Prompt Response to Bank Failures: Heritage Bank Example

Citing a recent case, Nigeria Deposit Insurance Corporation highlighted the swift intervention following the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN) on June 3, 2024.

Within four days, NDIC began verification and payout of insured deposits—up to ₦5 million per depositor—through the use of Bank Verification Numbers (BVNs) to identify alternative accounts.

Most depositors have received payments. However, delays in some cases are due to:

  • Lack of BVNs or alternate bank accounts,
  • Post-No-Debit (PND) restrictions,
  • KYC (Know Your Customer) challenges, such as Tier 1 limits or name mismatches,
  • Or depositors being unaware of payments due to lack of transaction alerts.

It assured that such cases are being resolved through direct contact and verification.

NDIC’s Ongoing Role in the Nigerian Banking Sector

Nigeria Deposit Insurance Corporation, in collaboration with the Central Bank of Nigeria, continues to enforce compliance with banking regulations, supervise insured deposit-taking institutions, and enhance financial inclusion through depositor education and prompt compensation in cases of bank failures.

“Our mission is clear—‘Protecting your bank deposits’—and we are fully committed to promoting a stable and inclusive financial environment,” Robert added.

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