Regulatory Alerts2025-12-09
NDIC Quarterly Vol 39 No 3&4 2024 – Activities of the NDIC in the Third Quarter of 2024
The NDIC achieved significant operational milestones in the third quarter of 2024, disbursing over N37.7 billion to insured depositors of Heritage Bank and recovering N880.51 million from risk assets, substantially exceeding prior quarter recoveries and progressing towards its annual target. Furthermore, the Corporation enhanced its supervisory oversight by conducting risk-based examinations on 22 Payment Service Banks and 17 high-risk banks for cybersecurity, while also resolving 84.46% of customer complaints and collecting 262% of its premium target for PMB-MFB sub-sectors. Key strategic actions included initiating an ISO Surveillance Audit, commencing a review of the 2021-2025 Strategic Plan, and securing 22 additional winding-up orders for distressed financial institutions.