Nigeria’s major banks have significantly increased their payments to the Nigeria Deposit Insurance Corporation (NDIC), spending a combined N235.9 billion in the first nine months of 2025. This reflects a 30% jump from the N180.99 billion reported in the same period last year.
The banks include First Holdco Plc, Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA), Wema Bank Plc, Stanbic IBTC Holdings Plc, and Access Holdings Plc.
NDIC, tasked with safeguarding depositors’ funds up to N5 million, collects premiums from deposit-taking banks based on their total deposit size. Banks with larger deposits typically contribute more, though some pay proportionally higher premiums depending on their risk profiles.
Among the seven banks, Zenith Bank paid the highest NDIC premium, amounting to N54.22 billion, up 28% from N42.4 billion in the same period in 2024. Access Holdings followed with N46 billion, a 28% increase from the previous year. First Holdco recorded the largest increase, with premiums jumping 70%, from N30.9 billion to N52.6 billion.
Experts say the rising NDIC premiums are part of broader measures to protect public funds and maintain stability in the banking sector, especially as operating costs continue to rise.
On the broader issue of banking levies, investment banker Tajudeen Olayinka noted:
“The fact that AMCON continues to place yearly levies on banks in the country in an endless manner indicates that AMCON is struggling to pay its debts. Its creation as a bank resolution mechanism may have been unnecessary at the time. Failed banks could have been managed with stronger alternatives outside AMCON. I hold the then CBN governor, Sanusi Lamido Sanusi, responsible for that decision.”
Similarly, Aruna Kebira, MD/CEO of Globalview Capital Limited, said:
“AMCON was established with specific powers, and its existence is governed by law. Its continued operation reflects the mandate given by the legislation. Whether it has outlived its purpose is ultimately a decision for the federal government.”
NDIC continues to play a critical role in ensuring depositor confidence and maintaining the integrity of Nigeria’s financial system. As banks grow in size and complexity, deposit insurance remains a key tool in safeguarding public funds and promoting sector stability.
