The Nigeria Deposit Insurance Corporation (NDIC) has told the House of Representatives that, in accordance with existing laws, it pays between ₦2 million and ₦5 million as deposit insurance to customers of liquidated commercial banks.
‎The Managing Director (MD) NDIC, Mr Thompson Oludare Sunday revealed this while responding to a question during the 2026 budget defence session, before the House of Representatives Committee on Insurance and Actuarial Matters in Abuja.
‎A member of the Committee and the House Spokesperson, Mr. Akin Rotimi Jr sought clarity on how depositors and customers of Commercial banks that had become bankrupt were taken over by the NDIC, citing the recent case of defunct Heritage Bank.
‎Responding, Sunday stated that, one of NDIC’s major mandates was deposit guarantee
‎He however added that, it was now based on an assessment of the risk of the institution.
‎According to him, the NDIC did not collect all the deposits that banks received but rather a premium, which was now less than 1%.
‎The Chairman of the Committee, Ahmed Jaha Babawo lauded the MD for the clarification saying that, he had cleared the doubt about the NDIC’s responsibility in line with its mandate.
Edited by Favour Owonibi.