Regulatory Alerts2025-12-09
NDIC Quarterly Vol 39 No 1&2 2024 – Activities of the NDIC in the First Quarter of 2024
The NDIC in Q1 2024 advanced its corporate strategy by finalizing the Integrated Management System Framework, submitting comprehensive reform reports to the Bureau of Public Service Reforms, and automating its 24-Hour Toll-Free Help Desk for enhanced public service. Operationally, the Corporation paid N936.05 million to insured depositors and N40.79 million to uninsured depositors of DMBs, in addition to N89.87 million and N37.86 million respectively for Microfinance Banks, while achieving N294.63 million in risk asset recoveries and collecting N2.20 billion in premiums, significantly boosted by Moniepoint MFB. Despite these achievements, the NDIC continues to grapple with persistent challenges related to debt recovery, the execution of judgments, and lengthy legal proceedings.