NDIC Disburses N69.65 Billion to Failed Bank Depositors
The Nigeria Deposit Insurance Corporation (NDIC) announced that it has disbursed a total of N69.65 billion to insured depositors of failed financial institutions. This information was revealed by Mrs Gwa Uduak, the Director of Strategy Development at the NDIC, during the opening ceremony of the corporation’s 2026 Customer Service Week in Abuja.
Uduak emphasized the NDIC's commitment to protecting depositors and alleviating financial hardships caused by bank failures. The NDIC has also made payments to uninsured depositors through its liquidation activities.
As of July 31, 2026, the NDIC paid N1.48 billion to 10,312 insured depositors from 47 failed microfinance banks, including Abia SME Microfinance Bank and Frontline Microfinance Bank. Additionally, N1.15 billion was paid to 1,082 depositors of Union Homes Savings and Loans Plc, and N313.02 million to 8,248 depositors of Aso Savings and Loans Plc.
The NDIC has improved its payment processes, now initiating payments within three days of banking license revocations.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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