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Tag: NDIC

Business

NDIC assumes control of 46 failed microfinance banks’ liquidation

The Nigeria Deposit Insurance Corporation has formally taken over the liquidation of 46 microfinance banks following the revocation of their operating licences by the Central Bank of Nigeria on Wednesday. The NDIC was appointed as the official liquidator under Section 12(2) of the Banks and Other Financial Institutions Act 2020 and Sections 55(1) and 55(2) […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
Business

NJI, NDIC move to boost judicial capacity in financial sector disputes

The National Judicial Institute and the Nigeria Deposit Insurance Corporation on Monday held a sensitisation seminar for Justices of the Court of Appeal in Lagos, aimed at strengthening judicial capacity in bank liquidation cases and improving depositor protection within Nigeria’s financial system. Held in Lagos, the seminar focused on improving the judiciary’s handling of disputes […]

NDIC reimburses depositors of 179 disolved banks
Banking

NDIC begins final liquidation of 89 defunct microfinance banks

The Nigeria Deposit Insurance Corporation has commenced moves to formally conclude the liquidation of 89 defunct Microfinance Banks and Primary Mortgage Banks whose operations were successfully transferred to new owners under its Purchase and Assumption framework. In a statement signed by its Head of Communication and Public Affairs, Hawwau Gambo, the Corporation said the exercise […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
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Nearly 99% of bank depositors fully protected – NDIC

The Nigeria Deposit Insurance Corporation has disclosed that nearly 99 per cent of depositors in Nigerian banks are fully protected under its strengthened deposit insurance framework, while urging customers to link their Bank Verification Numbers to their accounts to ensure prompt access to insured funds in the event of a bank failure. The Managing Director […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
Banking

NDIC vows stronger action against debtors of failed banks

The Nigeria Deposit Insurance Corporation has pledged to deploy the strengthened enforcement powers conferred by the NDIC Act 2023 to recover outstanding debts owed by debtors of failed banks. This was revealed by the NDIC’s Managing Director and Chief Executive, Mr Thompson Oludare, during a sensitisation seminar for Debt Recovery Agents in Lagos themed, “Operationalising […]

Banking

NDIC reimburses defunct bank depositors within 72 hours

The Nigeria Deposit Insurance Corporation said it has settled or reimbursed depositors of defunct banks within 72 hours of their closure. The affected banks include Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc. Speaking during a one day stakeholders meeting held in Kano, the NDIC Executive Director, Corporate Services, Emily Osuji, […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
Business

NDIC recovers additional N24.3bn from Heritage Bank assets for depositors

The Nigeria Deposit Insurance Corporation has recovered an additional N24.3 billion from the assets of the defunct Heritage Bank Limited to support repayment to depositors whose balances exceeded N5 million at the time the bank’s licence was revoked. The was disclosed in a statement on Sunday by the Head of the NDIC’s Communication and Public […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
Business

NDIC seeks closer ties with NIESV on banks asset valuation

The Nigeria Deposit Insurance Corporation has urged stronger collaboration with the Nigerian Institution of Estate Surveyors and Valuers to improve the accuracy of asset valuation for failed banks. In a statement on Monday, NDIC spokesperson, Hawwau Gambo, said Managing Director Thompson Sunday made the appeal during a courtesy visit by NIESV President Dr. Victor Alonge […]

Banking

New NDIC law to prosecute bank failure suspects

The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation, Mr. Thompson Oludare Sunday, has announced that a new era of accountability has officially begun in Nigeria’s banking sector. This follows the recent enactment of stronger laws that empower the Corporation to effectively prosecute those responsible for bank failures. Sunday made this declaration when he […]

News

NDIC MD urges stronger collaboration with CIBN on banking risks

The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation, Mr. Thompson Sunday, has urged closer collaboration with the Chartered Institute of Bankers of Nigeria to tackle emerging risks in the banking sector. The call was made during a courtesy visit by CIBN President and Council Chairman, Prof. Pius Olanrewaju, and his executive […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
Banking

NDIC pays ₦54.62bn to defunct Heritage Bank depositors

The Nigeria Deposit Insurance Corporation says it has paid ₦54.62 billion to 691,418 depositors of the defunct Heritage Bank and declared a liquidation dividend of 9.2 kobo per naira for uninsured depositors. NDIC’s new Managing Director/Chief Executive, Mr. Thompson Sunday, revealed this during a courtesy visit to the Central Bank of Nigeria headquarters in Abuja, […]

NASS inflated 2025 budget with 11,122 'ghost' projects — BudgIT
Business

Senate urges NDIC to prioritise early risk detection

The Senate Committee on Banking, Insurance, and Other Financial Institutions has urged the newly appointed leadership of the Nigeria Deposit Insurance Corporation to prioritise early risk detection to protect depositors’ funds in the banking sector. Speaking at the opening of the 2025 NDIC Retreat in Niger State on Monday, Committee Chairman Senator Mukhail Abiru emphasised […]

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