The Nigeria Deposit Insurance Corporation (NDIC) has announced that it will pay a 100% liquidation dividend to depositors of 20 banks that previously failed, marking a significant achievement in its mission to protect depositors and maintain financial stability in the country. The announcement was made during the NDIC’s Special Day at the 36th Enugu International Trade Fair, with the South-East Zonal Coordinator, Pamela Robert, representing the Managing Director/Chief Executive, Mr. Bello Hassan. She revealed that the first tranche of payments would begin in April 2025.
The NDIC has a long-standing responsibility of liquidating failed banks, reimbursing insured depositors, and recovering debts to ensure all legitimate claims are satisfied. For over three decades, the agency has been a cornerstone in safeguarding depositors and strengthening Nigeria’s financial system. Robert emphasized that the NDIC’s efforts are part of a broader commitment to promote financial inclusion and public confidence in the banking sector, working closely with the Central Bank of Nigeria (CBN) to enforce banking regulations.
A prime example of the NDIC’s swift action was the recent revocation of Heritage Bank’s license in June 2024 by the CBN. Following this, the NDIC initiated the liquidation process and quickly paid insured depositors up to ₦5 million each within just four days. Robert explained that most depositors had already received their funds via alternate bank accounts linked through Bank Verification Numbers (BVN), though some have yet to receive their payments due to KYC issues.
The NDIC has now successfully declared 100% liquidation dividends for depositors of 20 failed banks. Robert assured that as further assets are recovered, additional dividends would be paid in phases, encouraging all affected depositors to engage with the NDIC for their rightful entitlements. This achievement highlights the agency’s effectiveness in managing bank closures and fulfilling its mandate to protect depositors.