Business
NDIC Boosts Debt Recovery to Reclaim N1.5 Trillion for Depositors
NDIC strengthens debt recovery under NDIC Act 2023 to reclaim N1.5 trillion from failed banks, speeding payments to depositors and safeguarding financial stability
The Nigeria Deposit Insurance Corporation (NDIC) has intensified efforts to recover about N1.5 trillion owed to liquidated Deposit Money Banks (DMBs) and Microfinance Banks (MfBs), aiming to expedite payments to depositors affected by bank failures.
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The Corporation has strengthened its debt recovery agents in line with the NDIC Act 2023, enhancing enforcement powers and tools to accelerate asset recovery.
The initiative was highlighted at a sensitisation seminar organised by the NDIC’s Legal and Asset Management Departments, themed “Operationalising the Provisions of the NDIC Act 2023 for Effective Debt Recovery.”
Mr. Olufemi Kushimo, Director of the Legal Department, emphasised the centrality of debt recovery in reimbursing depositors, particularly for uninsured amounts.
“We pay the insured deposits from our insurance fund, but for the uninsured portion, recovery of debts owed to the failed banks is essential,” he said.
Many affected depositors include market women, small business owners, and Point-of-Sale operators whose savings exceed insured limits.
Kushimo noted that the NDIC Act 2023 expanded the Corporation’s enforcement powers, allowing it to pursue delinquent debtors, including insider-related accounts, and to identify criminal infractions for prosecution.
Mrs. Patricia Okosun, Director of the Asset Management Department, said the seminar aimed to familiarise recovery agents with the additional tools provided under the new Act.
“The essence of this seminar is to sensitise our recovery agents on the new provisions and tools available to them, in addition to what they have been doing,” she explained.
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Industry analysts highlight that successfully recovering the N1.5 trillion would ease the burden on depositors of failed banks, restore confidence in the financial system, and strengthen NDIC’s capacity to fulfil its mandate.
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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