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.

Share:
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Related Links

Stock

Stocks Dip as Trump’s Tax Bill Passes, Focus to July9 Deadline

Global stock markets declined on July 4, 2025, as U.S. President Donald Trump’s sweeping tax-cut ...

OPEC

OPEC+ Considers Larger Oil Output Hike for August

OPEC+, comprising eight key members—Saudi Arabia, Russia, UAE, Kuwait, Oman, Iraq, Kazakhstan, and Algeria, will ...

Angélique Kidjo:First AfricanArtist Honored with Hollywood Walk of Fame

The Beninese music icon and five-time Grammy Award winner Angélique Kidjo has been named a ...

Zambia

Zambia Declares End to Cholera Outbreak

Zambia has officially declared an end to its latest cholera outbreak, marking a significant public ...

Features

Netherlands Returns 119 Looted Benin Bronzes to Nigeria

On Thursday, June 26, 2025, the Netherlands returned 119 looted artifacts, known as the Benin ...

Ngugi-wa-Thiongo

Ngũgĩ wa Thiong’o:Passed the pen to the Next Generation.

Ngũgĩ wa Thiong’o, a legendary Kenyan writer, scholar, and revolutionary voice in African literature passed ...

ECOWAS

ECOWAS Celebrates 50th Anniversary Amid Sahel States Tensions

On May 28, 1975, fifteen West African nations signed the Lagos Treaty, establishing the Economic ...

What Really Moves Bitcoin’s Price? A Comprehensive Guide to the Key Drivers of Volatility and Value

What Really Moves Bitcoin’s Price? A Comprehensive Guide to the Key Drivers of Volatility and Value

​Bitcoin, the pioneering cryptocurrency, has captivated the financial world with its innovative technology and notable ...

Guinea Sets September 2025 Date for Constitutional Referendum as Military Inches Toward Democratic Transition

Guinea Sets September 2025 Date for Constitutional Referendum as Military Inches Toward Democratic Transition

Guinea’s military-led government has officially announced that a national referendum on a new constitution will ...

Ivory Coast economic growth

Côte d’Ivoire’s Economic Boom Faces Political Test in 2025 Election

Ivory Coast’s Economic Success: A Model for West Africa Côte d’Ivoire has emerged as one ...

Phillis Wheatley

Phillis Wheatley: The Trailblazing African American Poet Who Defied Oppression

Phillis Wheatley: A Pioneer in Black Literature and Poetry Phillis Wheatley was a groundbreaking poet ...

Women Participation in Politics

International Women’s Day 2025: Advancing Rights, Equality, and Leadership for African Women

The 2025 International Women’s Day (IWD) theme, “For ALL Women and Girls: Rights. Equality. Empowerment,” ...

Latest News

Today in History

July 6th is the day in 1253 that Mindaugas is crowned King of Lithuania.

Exchange Rate Per Dollar

AM Armenian Dram384.26
GH Ghana Cedi10.3465
GM Gambian Dalasi71.5
GN Guinea Franc8,670.33
NG Nigerian Naira₦1,529.94
CF CFA Franc BEAC556.9024
06 Jul · CurrencyRate · USD
CurrencyRate.Today
Check: 06 Jul 2025 14:05 UTC
Latest change: 06 Jul 2025 14:00 UTC
API: CurrencyRate
Disclaimers. This plugin or website cannot guarantee the accuracy of the exchange rates displayed. You should confirm current rates before making any transactions that could be affected by changes in the exchange rates.
You can install this WP plugin on your website from the WordPress official website: Exchange Rates🚀

YOUR THOUGHTS

Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make wapress.africa even better!

newsletter image

Stay up to date with the latest from West Africa Press

Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on WApress.

Subscribe Newsletter!

Be the first to receive our latest contents and more...

Need help?