NDIC Outlines Recovery for Depositors of Failed Banks

Since 2010, six major banks in Nigeria have had their licenses revoked: Afribank in 2011, Bank PHB in 2011, Spring Bank in 2011, African International Bank in 2013, Skye Bank in 2018, and Heritage Bank in 2024. Customers of these banks may recover their deposits, depending on whether their accounts were transferred to successor institutions or are subject to liquidation.

The NDIC indicates that deposits from Afribank were transferred to Mainstreet, which was later acquired by Skye Bank, whose assets passed to Polaris. Bank PHB's assets and liabilities were assumed by Keystone, while Enterprise took over Spring Bank before it was acquired by Heritage.

African International Bank entered liquidation, and the NDIC began repayments for Heritage Bank customers after its closure in June 2024. The NDIC provides insurance coverage of ₦5 million per depositor at deposit money banks and ₦2 million at microfinance banks, with verified eligible balances paid up to these limits.