Nigeria Deposit Insurance Corporation Pays Over N106bn to Failed Bank Depositors

The Nigeria Deposit Insurance Corporation (NDIC) announced that it has paid more than N106 billion to depositors of the defunct Heritage Bank Limited. The payout includes N55 billion in insured deposits (for accounts up to N5 million) and an additional N51 billion from the sale of the bank’s assets and recovery of debts, distributed in two tranches. The corporation said some payments remain unresolved due to missing Bank Verification Numbers, KYC issues and name mismatches, and urged affected customers to lodge complaints through its helpdesk.

In a separate initiative, the NDIC began disbursing insured deposits to customers of 46 micro‑finance banks whose licences were revoked by the Central Bank of Nigeria. Managing Director Thompson Sunday said the NDIC is using a partnership with the Nigeria Inter‑Bank Settlement System to make automatic payments to depositors linked to BVNs, while also pursuing debtors and selling assets to fund uninsured portions. The effort follows the same accelerated payment process used for Heritage Bank, where about 700,000 customers have already received their insured sums.