ABUJA, Nigeria — The NDIC has announced a new payout of N24.3 billion, specifically targeting depositors whose balances exceeded the statutory insured limit of N5 million. This brings the total amount recovered and declared for liquidation dividends to N70.9 billion as of early 2026.
The Math: How Much Will You Get?
The “Liquidation Dividend” is the money recovered from selling the bank’s buildings, cars, and recovering loans.
- First Dividend (April 2025): N46.6 billion was paid at 9.2 kobo per N1.00.
- Second Dividend (Jan 2026): N24.3 billion is being paid at 5.2 kobo per N1.00.
- Cumulative Total: As of today, eligible depositors have been granted 14.4 kobo for every N1.00 held above the initial N5 million insurance cover.
The “Auto-Credit” System
To avoid the long queues of the past, the NDIC is using a digital-first approach:
- Automatic Credit: If you have already received your first N5 million (insured sum) or the first dividend, your alternative bank account will be credited automatically via your BVN.
- No Action Needed: For most, there is no need to visit a branch or fill out new forms. The NDIC advises depositors to simply check their SMS alerts and bank statements.
Who Needs to Take Action?
If you have not received any payment since the bank closed in 2024, you must act now. This applies to:
- Depositors without an alternative bank account linked to their BVN.
- Accounts with “Post No Debit” (PND) instructions.
- Depositors who have yet to file an initial claim.
How to Claim: Visit the nearest NDIC office or fill the e-claim form on the officialNDIC website.
The Road Ahead: Creditors and Shareholders
The NDIC clarified that the law (NDIC Act 2023) follows a strict “Priority of Claims.”
- Phase 1: Insured Depositors (Completed for 84% of users by late 2024).
- Phase 2: Uninsured Depositors (Currently in progress via these dividends).
- Phase 3: Creditors (Will only be paid after all depositors are settled).
- Phase 4: Shareholders (The last to receive any remaining funds).
