{
  "id": 13032711,
  "title": "NDIC pays N69.65bn to depositors of failed banks",
  "url": "https://urgent.news/2026/10/09/ndic-pays-n69-65bn-to-depositors-of-failed-banks",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T05:06:13.000Z",
  "source": {
    "name": "Punch",
    "slug": "punch",
    "url": "https://punchng.com/ndic-pays-n69-65bn-to-depositors-of-failed-banks-2/"
  },
  "original_language": "en",
  "account": "The Nigeria Deposit Insurance Corporation has paid a total of N69.65 billion to depositors of failed banks, as part of its efforts to protect bank customers and maintain confidence in the banking system. Mrs. Gwa Uduak, the Director of Strategy Development at the NDIC, announced this during the opening ceremony of the corporation's 2026 Customer Service Week celebration in Abuja. The payments were made to both insured and uninsured depositors. Uduak emphasized that each payment represented a deposit holder, family or business seeking assurance during financial uncertainty. NDIC's responsibilities include deposit guarantees, banking supervision, resolving distressed financial institutions and liquidating failed banks.",
  "summary": "The Nigeria Deposit Insurance Corporation has paid a total of N69.65 billion to insured depositors of failed financial institutions. This payment was made to protect customers of these failed institutions.\n\nAccording to the Managing Director of NDIC, Thompson Oludare Sunday, N1.48 billion was paid to 10,312 depositors of 47 recently closed microfinance banks as of July 31, 2026. The Central Bank of Nigeria had revoked the operating licences of these microfinance banks.\n\nThe NDIC used Bank Verification Number validation through the Nigeria Inter-Bank Settlement System to identify and pay affected depositors. This method allowed for efficient payment without traditional cumbersome processes.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "This Day",
        "title": "NDIC Disburses N1.48 Billion to 10,312 Depositors of Failed Microfinance Banks",
        "url": "https://urgent.news/2026/10/09/ndic-disburses-n1-48-billion-to-10-312-depositors-of-failed",
        "published": "2026-10-09T04:30:56.000Z"
      },
      {
        "outlet": "Punch Nigeria",
        "title": "NDIC pays N69.65bn to depositors of failed banks",
        "url": "https://urgent.news/2026/10/09/ndic-pays-n69-65bn-to-depositors-of-failed-banks-13037518",
        "published": "2026-10-09T05:34:10.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}