The Nigeria Deposit Insurance Corporation (NDIC) has disbursed a total of N54.62 billion to 691,418 depositors of the defunct Heritage Bank, less than a year after the bank’s closure.
Additionally, the NDIC announced a liquidation dividend of 9.2 kobo per Naira for uninsured depositors.
This was disclosed by the new NDIC Managing Director and Chief Executive Officer, Thompson Sunday, during a courtesy visit to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, at the CBN headquarters in Abuja on Wednesday.
Sunday used the visit to call for the creation of a joint crisis preparedness framework to enhance financial system resilience and crisis management.
The meeting marked the first official engagement between the new NDIC leadership and the CBN, symbolizing renewed commitment to collaboration in strengthening Nigeria’s financial system.
He commended the CBN’s ongoing reforms under Governor Cardoso, especially in stabilising the foreign exchange market and recapitalising Deposit Money Banks.
Sunday also revealed that the NDIC is undergoing a strategic overhaul in line with the new NDIC Act 2023, including the development of a new corporate strategy to replace the existing one set to expire at the end of the year.
Despite progress, Sunday pointed out key operational challenges such as the lack of a unique identifier like the BVN for corporate depositors and difficulties in premium collection from insured institutions without CBN accounts.
He stressed the NDIC’s dedication to safeguarding depositors and promoting public confidence in the banking sector.
In response, CBN Governor Olayemi Cardoso praised the NDIC’s leadership and expressed optimism for a stronger partnership.
He assured the NDIC of the apex bank’s readiness to collaborate on systemic risk mitigation and welcomed the proposed joint crisis framework, suggesting it could be developed under the Financial Services Regulation Coordinating Committee (FSRCC).
Cardoso, reflecting on his two years in office, emphasized the importance of proactive strategies and modern tools to ensure financial stability. He also reaffirmed the CBN’s commitment to data integration and institutional cooperation.
CBN Director of Financial Policy and Regulation, Rita Sike, revealed that enhancements are underway on the Credit Risk Management System (CRMS), including plans to onboard Other Financial Institutions (OFIs) using the Global Standing Instruction (GSI) framework.
The NDIC delegation included Executive Director of Operations, Dr. Kabir Katata; Director of Human Resources, Yakubu Shehu; Director of Legal, Olufemi Kushimo; and Assistant Director of Communications and Public Affairs, Regina Dimlong.
On the CBN’s side, top officials from the Financial Policy and Regulation, Corporate Communication, and Compliance Departments were in attendance.
The meeting concluded with a shared commitment to closer coordination, improved data integration, and joint efforts to safeguard the soundness and resilience of Nigeria’s financial system.
