The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it has contributed about N950 billion to the Federal Government’s Consolidated Revenue Fund (CRF) over the years.

The Corporation said it was optimistic that its remittances will continue to rise as it strengthens its operations and financial performance.

Managing Director of the NDIC, Dr. Thompson Oludare Sunday, said the Corporation remitted about N274 billion to the CRF last year alone and is expecting to surpass that figure this year.

Speaking at a media engagement on the Corporation’s contribution to the Federal Government’s Renewed Hope Agenda, Sunday said the NDIC has remained financially self-sustaining and continues to support government finances through consistent remittances.

“I think we have contributed about N950 billion to the CRF and even our contribution has been trending northward. Last year, it was around N274 billion if I’m right. Hopefully, this year will be better than that,” he said.

The NDIC boss has also revealed that the Corporation does not have any plans to increase deposit insurance premiums paid by insured financial institutions.

Dr. Sunday said the Corporation would only review deposit insurance premiums after carefully assessing several factors, warning that excessively generous insurance could weaken banks’ commitment to prudent risk management. He noted that the current deposit insurance framework already protects 98.98 per cent of depositors and said any future premium review would be undertaken only when necessary

He also gave fresh assurances to customers of the defunct Heritage Bank, saying the Corporation expects to settle most of the outstanding depositors once it recovers a substantial loan from one of the bank’s major debtors.

According to him, the Corporation is actively pursuing the recovery of loans, investments and other assets belonging to the failed bank to enable it pay the remaining uninsured depositors.

“A particular borrower in Heritage Bank is being required to pay a lot of money. If we get that, we will be able to pay most of the depositors,” he said.

Sunday explained that the Corporation does not stop after paying insured deposits whenever a bank fails but continues to recover loans, dispose of assets and realise investments before paying additional liquidation dividends to depositors whose balances exceed the insured limit.

He disclosed that the NDIC has already paid more than N120 billion to Heritage Bank depositors through insured deposits and liquidation dividends.

According to him, the Corporation paid N51.04 billion as the insured portion of deposits immediately after the bank’s licence was revoked before making further liquidation dividend payments of N46.6 billion in April 2025 and N24.3 billion in January 2026.

He said the Corporation remains committed to recovering more assets so that additional payments can be made.

Sunday said the NDIC has significantly improved the speed of compensating depositors, reducing payment time from the statutory 30 days to just 72 hours after the revocation of a bank’s licence.

He explained that the Corporation now relies on the Bank Verification Number (BVN), the Nigeria Inter-Bank Settlement System (NIBSS) and its electronic claims platform to transfer insured deposits directly into customers’ alternative bank accounts without requiring them to visit any NDIC office.

“Our law allows us 30 days to pay, but we decided that was too long. We now make payment within 72 hours through our electronic system,” he said.

The Managing Director also said recent reforms under the NDIC Act 2023 have strengthened depositor protection by placing depositors ahead of creditors and shareholders whenever a failed bank is being liquidated.

He noted that the new law also gives the Corporation stronger powers to resolve distressed banks, recover assets and prosecute individuals responsible for bank failures.

Sunday further disclosed that deposit insurance coverage has increased substantially, with the maximum insured amount for commercial bank customers rising from N500,000 to N5 million, while coverage for customers of microfinance banks, primary mortgage banks and payment service banks increased from N200,000 to N2 million.

He said the reforms have expanded protection to almost all depositors, with 98.98 per cent of deposit money bank customers now fully covered under the insurance scheme compared to 89.2 per cent before the latest review.

According to him, coverage has also risen to 99.27 per cent for microfinance banks, 99.34 per cent for primary mortgage banks and 99.99 per cent for payment service banks.

On the recently concluded banking sector recapitalisation exercise, Sunday expressed confidence in the strength of Nigerian banks, saying only genuine and verified capital was accepted by regulators.

He explained that both the Central Bank of Nigeria (CBN) and the NDIC thoroughly scrutinised every capital injection before approval to ensure that banks did not rely on borrowed funds or other unacceptable sources.

“The capital that was accepted is very strong. It is the kind of capital that can absorb losses,” he said.

He added that the banking industry remains stable and that the NDIC does not expect failures arising from the recapitalisation programme, although the Corporation has conducted several simulation exercises to prepare for any unforeseen challenges.

Sunday also disclosed that the NDIC currently provides deposit insurance coverage for 914 licensed financial institutions, including deposit money banks, microfinance banks, primary mortgage banks, non-interest banks and mobile money operators, covering more than 281 million deposit accounts.

He said the Corporation recovered N42.65 billion from outstanding loans owed to failed financial institutions, realised N14.72 billion from investments and generated N78.57 billion from the sale of assets belonging to failed banks.

He added that the NDIC is currently managing the liquidation of 653 failed financial institutions, comprising deposit money banks, microfinance banks and primary mortgage banks.

The Managing Director said the Corporation also strengthened supervision of financial institutions by conducting on-site examinations of 287 institutions in 2025 and resolving 1,196 out of 1,407 complaints received from depositors during the period.

He maintained that the NDIC remains committed to supporting the Federal Government’s Renewed Hope Agenda by protecting depositors, maintaining financial system stability, promoting financial inclusion and strengthening confidence in the country’s banking industry.

Also speaking, the Permanent Secretary, Federal Ministry of Finance, Mr. Raymond Omenka Omachi, commended the NDIC for its financial discipline and consistent remittances to the Federal Government.

He described the Corporation as one of the few government agencies that willingly pays into the Consolidated Revenue Fund while sustaining its operations from insurance premiums and investment income.

According to him, the Ministry considers transparency, public engagement and accountability as essential to the successful implementation of fiscal and economic reforms that directly affect the lives of millions of Nigerians.