The Nigeria Deposit Insurance Corporation (NDIC) has remitted a cumulative ₦950.52 billion to the Federal Government’s Consolidated Revenue Fund (CRF), reinforcing its growing role as a significant source of non-oil revenue while reaffirming its commitment to compensating depositors affected by the collapse of Heritage Bank.
Speaking at the Federal Ministry of Finance’s second-quarter 2026 Citizens and Stakeholders’ Engagement Session in Abuja, NDIC Managing Director, Dr. Thompson Oludare Sunday, said the corporation has consistently increased its contributions to the CRF without relying on government budgetary allocations.
According to him, the NDIC transferred ₦90.52 billion in 2023, followed by ₦138.46 billion in 2024 and ₦276.56 billion in 2025, bringing cumulative remittances to ₦950.52 billion. The corporation finances its operations through insurance premiums paid by insured financial institutions and income generated from investments, enabling it to operate independently of government subventions.
The latest remittance highlights the NDIC’s expanding contribution to Nigeria’s fiscal position at a time when the Federal Government is intensifying efforts to diversify public revenue beyond crude oil receipts. The Consolidated Revenue Fund serves as the government’s primary account for financing approved public expenditure.
Providing an update on the liquidation of Heritage Bank, whose operating licence was revoked in 2024, Dr. Sunday assured depositors that additional payments would be made once the corporation recovers outstanding loans owed by one of the bank’s major debtors.
“We are actively pursuing the recovery of a substantial loan, and once those funds are recovered, we will be able to pay most of the remaining depositors,” he said.
The NDIC has already disbursed more than ₦120 billion to Heritage Bank customers. This includes an initial insured deposit payment of ₦51.04 billion immediately after the bank’s licence was withdrawn, a first liquidation dividend of ₦46.6 billion paid in April 2025, and a second liquidation dividend of ₦24.3 billion distributed in January 2026.
Dr. Sunday also highlighted improvements in the corporation’s claims settlement process, noting that insured depositors of failed banks now receive reimbursement within 72 hours, significantly faster than the statutory timeline of 30 days. The accelerated process is supported by the use of the Bank Verification Number (BVN) system and a dedicated online claims portal, reducing delays and improving access to insured funds.
The NDIC currently provides deposit insurance coverage for more than 281 million accounts across 914 licensed financial institutions in Nigeria. The corporation said its strengthened payout framework and ongoing asset recovery efforts are intended to reinforce confidence in the country’s banking system, protect depositors, and support financial stability even when individual institutions fail.
