By Iluole Iwenekha
The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it has paid out a total of N54.62 billion to 691,418 depositors of the defunct Heritage Bank, as part of efforts to protect depositors and uphold public confidence in the banking system.
This disclosure was made by the newly appointed Managing Director/Chief Executive of NDIC, Mr. Thompson O. Sunday, during a courtesy visit to the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, at the apex bank’s headquarters in Abuja on Wednesday.
Mr. Sunday, leading a delegation of NDIC executives, used the visit to highlight the Corporation’s recent milestones and to reaffirm NDIC’s commitment to deepening collaboration with the CBN to enhance the stability of Nigeria’s financial system.
Among the key achievements, he announced that a liquidation dividend of 9.2 kobo per Naira has also been declared for uninsured depositors of Heritage Bank, less than one year after its closure.
Commending the CBN’s ongoing reforms under Governor Cardoso—particularly the stabilisation of the foreign exchange market and the recapitalisation drive of Deposit Money Banks—Sunday said NDIC is aligning its operations with the new NDIC Act 2023.
He noted that the Corporation is currently undergoing strategic restructuring and working on a new corporate strategy to replace the existing one, which is set to expire by year-end.
He acknowledged the CBN’s support in premium collection from insured institutions and pledged NDIC’s readiness to work closely with the apex bank, particularly in mitigating risks and enhancing system-wide resilience.
Sunday also highlighted certain operational challenges faced by the NDIC, including the lack of a unique identifier such as Bank Verification Number (BVN) for corporate depositors, and difficulties collecting premiums from institutions that do not maintain CBN accounts. He appealed to the CBN to work with NDIC in addressing these gaps and proposed the development of a joint crisis preparedness framework to improve crisis management capabilities.
In his remarks, Governor Cardoso congratulated the new NDIC management team and welcomed the opportunity to strengthen inter-agency collaboration. He emphasized the importance of a coordinated approach between both institutions in responding to ongoing and emerging challenges in the financial system.
“Our meeting today is a clear testament to our willingness to work together. The CBN counts on NDIC’s support in navigating the uncertain times that we are in,” he said, noting that his tenure has revealed the need for modern, proactive tools to safeguard financial stability.
The CBN Governor further underscored the timeliness of the NDIC visit and called for enhanced synergy between both organisations to sustain depositor confidence and mitigate potential shocks in the system.
Also speaking, Mrs. Rita Sike, Director of Financial Policy and Regulation at the CBN, noted that the proposed joint crisis preparedness plan could be addressed under the Financial Services Regulation Coordinating Committee (FSRCC). She added that the CBN was in the process of upgrading its Credit Risk Management System (CRMS) to include the Global Standing Instruction (GSI), which would facilitate the onboarding of Other Financial Institutions (OFIs) to improve system monitoring.
The NDIC delegation included Dr. Kabir Katata, Executive Director of Operations; Mr. Yakubu Shehu, Director of Human Resources; Mr. Olufemi Kushimo, Director of Legal Department; and Mrs. Regina Dimlong, Assistant Director, Communications & Public Affairs. On the CBN side, attendees included Mr. Nnadi Maduka from the Corporate Communications Department and Mrs. Salamatu Jubril-Adeniji from the Compliance Department.
The meeting concluded with a shared commitment to closer institutional cooperation and stronger mechanisms to safeguard Nigeria’s financial system in an increasingly dynamic economic environment.
