NDIC Insures 281 Million Depositors Against Bank Failures

The Nigeria Deposit Insurance Corporation (NDIC) reported that 281 million depositors are now insured against bank failures, a result of reforms that significantly expanded deposit insurance coverage. During a session on Monday, Thompson Sundai, the Managing Director and Chief Executive Officer of NDIC, disclosed that the current insurance coverage extends across 914 licensed financial institutions, ensuring that 98% of depositors are fully insured for their entire balances.

This follows an upward review of the deposit insurance limit to N5 million, effective from May 2024. The NDIC has also improved the speed of reimbursement to depositors in the event of bank failures, utilizing technology to reduce payment timelines.

In 2025 alone, the NDIC paid N4.06 billion to 13,446 insured depositors. The reforms, reinforced by the NDIC Act 2023, aim to strengthen the corporation's powers in resolving failed banks and protecting depositors, while also enhancing the deposit insurance fund.