The Nigeria Deposit Insurance Corporation (NDIC) has remitted about N950 billion into the Federal Government’s Consolidated Revenue Fund over the years and expects the figure to continue rising as its operations and financial position strengthen.
Speaking at an event in Abuja, Thompson Oludare Sunday, NDIC managing director, said the corporation remains self-funded through bank insurance premiums and investment income while continuing to contribute significantly to government revenue.
He said the NDIC transferred about N274 billion into the treasury last year alone.
“I think we have contributed about N950 billion to the CRF and even our contribution has been trending northward. Last year, it was around N274 billion if I’m right. Hopefully, this year will be better than that,” Sunday said.
The agency’s growing remittances come as Nigeria seeks to expand non-oil revenue sources to support public finances. Unlike many government agencies that depend on budgetary allocations, the NDIC finances its operations independently while paying annual surpluses into the government’s account.
Sunday also provided an update on the liquidation of Heritage Bank, saying additional payments to depositors will depend largely on recovering a substantial outstanding loan owed by one of the failed lender’s biggest borrowers.
According to him, the NDIC has already paid more than N120 billion to Heritage Bank customers through insured deposits and liquidation dividends.
“A particular borrower in Heritage Bank is being required to pay a lot of money. If we get that, we will be able to pay most of the depositors,” he said.
The corporation paid an initial N51.04 billion in insured deposits after the bank’s licence was revoked before making additional liquidation dividend payments of N46.6 billion in April 2025 and N24.3 billion in January 2026.
The MD said efforts to recover loans, dispose of assets and realise investments are continuing to fund further payments to depositors with balances above the insured limit.
According to him, the corporation has also reduced the waiting period for insured deposit payments from the statutory 30 days to 72 hours through the use of the Bank Verification Number, the Nigeria Inter-Bank Settlement System and an online claims portal that allows payments directly into customers’ alternative bank accounts.
“Our law allows us 30 days to pay, but we decided that was too long. We now make payment within 72 hours through our electronic system,” he said, adding that the corporation is confident in the banking industry’s financial health following the ongoing recapitalisation exercise, saying regulators ensured that only verified capital was accepted.
Sunday said the corporation has no immediate plans to raise insurance premiums for banks, noting that current coverage protects about 98.98% of commercial bank depositors.
The insurer 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.
Raymond Omachi, permanent secretary, ministry of finance, said the ministry considers the NDIC one of the few public institutions that consistently contributes to the treasury without relying on government funding.
He added that transparency, accountability and sustained public engagement remain critical to the success of the government’s economic reform programme.