NDIC pays N69.65bn to depositors of failed banks
The Nigeria Deposit Insurance Corporation has paid a cumulative N69.65bn to insured depositors of failed financial institutions to protect customers. Read More: https://punchng.com/ndic-pays-n69-65bn-to-depositors-of-failed-banks/
The Nigeria Deposit Insurance Corporation (NDIC) has paid a total of N69.65 billion to insured depositors of failed banks, as part of its ongoing efforts to protect bank customers and maintain confidence in the banking system. NDIC Director of Strategy Development, Mrs Gwa Uduak, disclosed this during the corporation's 2026 Customer Service Week ceremony in Abuja.
Uduak stated that the payments reflect the corporation's commitment to reducing the financial hardship faced by depositors during bank failures. The payments included N1.48 billion to insured depositors of 47 failed microfinance banks, N1.15 billion to 1,082 depositors of Union Homes Savings and Loans Plc, and N313.02 million to 8,248 depositors of Aso Savings and Loans Plc. The NDIC's responsibilities encompass deposit guarantees, banking supervision, resolving distressed financial institutions, and liquidating failed banks.
The corporation conducts periodic bank examinations and collaborates with the Central Bank of Nigeria to implement resolution frameworks aimed at preventing failures and maintaining financial stability.
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- NDIC pays N69.65bn to depositors of failed banks punchng.com
