🇳🇬NigeriaWest Africa
NDIC begins payment to depositors of 46 failed microfinance banks
via Punch Nigeria1 min read
The Nigeria Deposit Insurance Corporation NDIC has started paying insured deposits to customers of 46 microfinance banks whose licenses were revoked by the Central Bank of Nigeria CBN on July 1, 2026. NDIC Managing Director and Chief Executive, Mr Thompson Sunday, stated that payments are being processed using the Nigeria Inter-Bank Settlement System and customers’ Bank Verification Numbers BVNs, with funds credited directly to alternative bank accounts. Depositors without BVNs are advised to visit an NDIC zonal office for verification. The corporation is paying an insured maximum deposit of N2 million to eligible customers, with further payments contingent on the recovery of assets and outstanding debts from the failed banks. Sunday highlighted prompt reimbursement efforts for Heritage Bank, Aso Savings, and Union Homes, noting that payments to Heritage Bank depositors were made within four days and to Aso Savings and Union Homes customers within 72 hours. The CBN revoked the licenses due to the banks' failure to meet regulatory requirements, aiming to protect depositors, enhance financial stability, and ensure regulatory compliance.
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Nigeria's Minister of Power, Joseph Tegbe, has called on the Nigeria Police Force to intensify efforts against energy thieves and vandals targeting critical power installations. During a visit to Inspector-General of Police Olatunji Disu in Abuja, Minister Tegbe highlighted that widespread energy theft and the destruction of electrical equipment are significant barriers to a reliable power supply across the nation. The discussions, which included senior ministry officials, focused on addressing these security challenges impacting the power sector. Tegbe sought the police's continued support and tactical collaboration to protect power assets, increase surveillance on critical installations, and prosecute energy criminals. Inspector-General Disu assured the ministry of the Force's commitment to securing national grid infrastructure and prosecuting those responsible for power sector crimes. Nigeria's power sector reportedly loses billions of naira annually due to these issues, leading to frequent national grid collapses and inadequate power supply.
The Nigerian House of Representatives has urged the Federal Government to adopt a comprehensive national drone industrialisation policy to enhance the country’s defence manufacturing capacity and address security threats. Following a motion by Lagos lawmaker Ademorin Kuye, the House also called for structured financial support for indigenous drone manufacturers to scale production for the Armed Forces and other security agencies. Kuye highlighted Nigeria's complex security challenges, including terrorism and banditry, and noted the increasing use of commercial drones by non-state armed groups. He emphasized Nigeria's potential to become a drone technology hub given its engineering talent and growing technology entrepreneurship ecosystem. While acknowledging the Nigerian Air Force Institute of Technology's development of the Tsaigumi Unmanned Aerial Vehicle in 2018, Kuye lamented the largely underdeveloped and undercapitalized local drone manufacturing sector. The House resolved to provide capital support to verified indigenous manufacturers through various financing mechanisms and mandated its committees to develop a National Drone Industrialisation Policy. This policy would include negotiating technology transfer agreements with international manufacturers, prioritizing training for Nigerian engineers, and establishing dedicated Defence Industrial Zones with fiscal incentives. Lawmakers also called for a review of existing laws governing defence procurement and local content
Must ReadThe House of Representatives has initiated an investigation into the Mining Marshals following allegations of financial misconduct and operational irregularities. This decision stems from a motion by Mr. Abdulmaleek Danga, who highlighted concerns including a reported N2bn traced to a State Commander's bank account. The Mining Marshals, inaugurated on March 21, 2024, by the Federal Ministry of Solid Minerals Development and the Federal Ministry of Interior, comprise over 2,200 personnel from the Nigeria Security and Civil Defence Corps. Their mandate is to combat illegal mining, secure sites, and protect government revenue. However, Danga alleged the unit has deviated from its purpose, lacking operational knowledge and wrongfully apprehending legitimate title holders. He also raised concerns about the redeployment of the commander linked to the N2bn, rather than prosecution, which has fueled suspicions of compromise. Furthermore, the transparency of the unit's finances was questioned, specifically regarding the procurement of operational vehicles without clear legislative appropriation. The House mandated its Committee on Solid Minerals Development to investigate the unit's operations, legal mandate, corruption allegations, and funding sources, with a four-week deadline to report back.