Is your money trapped in one of the Nigerian banks or deposit-taking institutions that have since collapsed? This may be good news for you!
The Nigeria Deposit Insurance Corporation (NDIC) has commenced reimbursement of depositors affected by the collapse of indigenous deposit-taking institutions, reaffirming its role in protecting bank customers and strengthening confidence in the country’s financial system.
The Corporation has begun paying insured deposits to customers of banks that lost their operating licences, including Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, following intervention by the Central Bank of Nigeria (CBN).
The move marks a key step in the liquidation process, with the Corporation urging eligible depositors to provide their documentation for verification of claims.
Also tied to ongoing bank resolutions, the NDIC recently declared a second tranche of liquidation dividends amounting to ₦24.3 billion for depositors of the defunct Heritage Bank whose balances exceeded the statutory insured limit. Payments are being processed through depositors’ BVN-linked accounts, underscoring efforts to streamline reimbursement.
The NDIC’s intervention follows the CBN’s revocation of licences for troubled banks and reflects broader efforts by financial authorities to ensure depositor protection under Nigerian banking laws
