The Nigeria Deposit Insurance Corporation says payments are continuing to eligible depositors of 46 microfinance banks whose licences were revoked by the Central Bank of Nigeria on July 1, 2026.
NDIC Managing Director Thompson Oludare said affected customers remained protected under the country’s deposit insurance framework.
The corporation is currently paying the guaranteed portion of eligible deposits.
Oludare said the exercise was still in progress and that a final number of beneficiaries could not yet be provided because additional depositors were still being identified and processed.
The NDIC is using Bank Verification Numbers and working with the Nigeria Inter Bank Settlement System to identify alternative bank accounts belonging to affected customers.
The approach allows payments to be made directly without requiring every depositor to appear physically for verification.
Oludare said the objective was to make reimbursement faster and less stressful while maintaining confidence in the banking system.
He acknowledged that financial institutions could fail despite regulatory oversight and said deposit insurance was intended to prevent depositors from bearing the full consequences.
The comments were made during a workshop organised by the NDIC in collaboration with the Bureau of Public Procurement.
At the same event, BPP Director General Adebowale Adedokun said the Federal Government had saved about N400 billion during the first six to seven months of 2026 through procurement price intelligence and benchmarking.
He said the same system produced savings of about N1.1 trillion in 2025.
Under the process, procurement requests submitted by government institutions are compared with prevailing market prices before approval.
Adedokun said the mechanism helped identify inflated costs and preserve funds for other public priorities.
The BPP said the system was also encouraging greater price awareness among contractors and public agencies and improving technical scrutiny of government procurement.
