The Nigeria Deposit Insurance Corporation (NDIC) has remitted about N950 billion into the Federal Government’s Consolidated Revenue Fund (CRF) over the years, with expectations that its contributions will continue to grow as its financial position strengthens.
Speaking at an event in Abuja, the Managing Director of the NDIC, Thompson Oludare Sunday, said the corporation remains financially independent, funding its operations through bank insurance premiums and investment income while making significant annual contributions to government revenue.
According to him, the NDIC transferred approximately N274 billion into the Consolidated Revenue Fund in the last financial year.
He expressed optimism that the corporation would surpass that figure this year as its operations continue to expand.
The NDIC’s increasing remittances come at a time when the Federal Government is seeking to boost non-oil revenue sources to strengthen public finances. Unlike many government agencies that rely on budgetary allocations, the corporation finances its operations independently and remits its annual surpluses to the government.
Sunday also provided an update on the liquidation of Heritage Bank, revealing that additional payments to depositors will depend largely on the recovery of a substantial outstanding loan owed by one of the failed bank’s major borrowers.
He disclosed that the corporation has already paid more than N120 billion to Heritage Bank customers through insured deposits and liquidation dividends.
According to him, the NDIC made an initial insured deposit payment of N51.04 billion following the revocation of the bank’s operating licence. This was followed by liquidation dividend payments of N46.6 billion in April 2025 and N24.3 billion in January 2026.
Sunday said the corporation is continuing efforts to recover outstanding loans, dispose of assets and realise investments to generate funds for further payments to depositors with balances above the insured limit.
He added that the NDIC has significantly reduced the waiting period for insured deposit payments from the statutory 30 days to just 72 hours through the use of the Bank Verification Number (BVN), the Nigeria Inter-Bank Settlement System (NIBSS) and an online claims portal that enables payments directly into customers’ alternative bank accounts.
The managing director also expressed confidence in the stability of Nigeria’s banking sector, noting that the ongoing bank recapitalisation exercise is being closely monitored to ensure that only verified capital is accepted.
He said the corporation has no immediate plans to increase insurance premiums for banks, explaining that the current insurance coverage protects about 98.98 per cent of commercial bank depositors.
According to Sunday, the NDIC currently provides deposit insurance for 914 licensed financial institutions, covers more than 281 million deposit accounts and is overseeing the liquidation of 653 failed financial institutions across the country.
Also speaking at the event, the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, described the NDIC as one of the few government institutions that consistently contributes to the national treasury without depending on public funding.
He stressed that transparency, accountability and continuous public engagement remain essential to the success of the Federal Government’s economic reform agenda.
