Heritage Bank and NDIC
Nigeria Deposit Insurance Corporation (NDIC) has paid N51.04 billion in insured deposits to customers of Heritage Bank following the revocation of the bank’s operating licence.
The Executive Director, Operations, NDIC, Mr. Mustapha Sunday, disclosed this at a stakeholder engagement session organised by the Federal Ministry of Finance in Abuja.
Sunday said the corporation currently supervises 914 licensed financial institutions with more than 281 million deposit accounts nationwide.
“We have also paid N33.59 billion as liquidation dividends to uninsured depositors while further recoveries continue,” he said.
According to him, “The corporation recovered billions of Naira through debt recoveries, investments and disposal of assets belonging to failed financial institutions.”
He said NDIC conducted on-site examinations of 287 financial institutions in 2025 and resolved about 85 per cent of depositor complaints received.
“Nigerian banks remain among the country’s most regulated institutions because of their critical role in safeguarding depositors’ funds,” Sunday said.
He added that the corporation had contributed about N950 billion to the Federal Government’s Consolidated Revenue Fund, including about N274 billion in the previous year.
Sunday assured Nigerians that NDIC would continue to review deposit insurance coverage, strengthen digital finance and sustain confidence in the banking sector.
He reaffirmed the corporation’s commitment to supporting the Federal Government’s economic reforms.
Earlier, the Permanent Secretary, Finance, Federal Ministry of Finance, Mr. Raymond Omachi, said sustained stakeholder engagement was essential for effective fiscal reforms, transparency and improved public service delivery.
Omachi said the engagement reflected the ministry’s commitment to accountability and effective communication on government policies and programmes. He added that the platform enabled the ministry to showcase achievements in implementing presidential directives and ministerial mandates.
“The ministry has remained committed to fiscal reforms under Tinubu’s administration to restore macroeconomic stability and strengthen public financial management,” he said.
He said the reforms were designed to place Nigeria’s economy on a sustainable path of growth while promoting efficiency, accountability and prudent management of public resources.
According to him, the NDIC was selected for the current session because of its critical role in safeguarding depositors and financial stability.
He described the corporation as “a vital component of Nigeria’s financial safety net, protecting depositors whenever banks experience distress.”
Omachi said participants would have opportunities to ask questions and receive explanations on ongoing reforms from relevant agencies. He expressed confidence that the engagement would deepen public understanding of financial sector reforms and improve policy implementation.
