NDIC Disburses N33.59bn to Uninsured Bank Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has paid N33.59 billion to uninsured depositors of failed banks, benefiting 698,040 individuals. This information was disclosed by Mr.

Thompson Oludare Sundai, the Managing Director and Chief Executive Officer of NDIC, during a stakeholder engagement session held in Abuja on a Sunday. The session aimed to implement the presidential priorities set by the Minister of Finance.

Additionally, NDIC has already settled N4.06 billion for 13,446 insured depositors of failed banks. As part of the banking sector's recapitalization efforts, 32 banks have met the new capitalization requirements ahead of the March 31, 2026 deadline, with a total of N4.61 trillion in fresh capital injected into the sector.

NDIC is collaborating with the Central Bank of Nigeria (CBN) to conduct capital verification to ensure compliance with the new requirements. Furthermore, NDIC remitted N950.52 billion to the Consolidated Revenue Fund since its inception, reflecting its commitment to supporting government revenue and fiscal objectives.