The Nigeria Deposit Insurance Corporation has said that more than 281 million depositors across the country’s banking system are protected against bank failure, following reforms that significantly expanded deposit insurance coverage and accelerated reimbursement of customers of failed banks.

The Managing Director and Chief Executive Officer of the NDIC, Thompson Sunday, disclosed this on Monday during the second quarter 2026 Citizens and Stakeholders’ Engagement Session organised by the Federal Ministry of Finance in Abuja.

According to him, the corporation currently provides deposit insurance coverage across 914 licensed financial institutions, while over 98 per cent of depositors are fully insured for their entire balances following the upward review of deposit insurance limits in May 2024.

A copy of his presentation document read, “914 licensed banks covered – every Deposit Money Banks, Non-Interest Banks, microfinance bank, Primary Mortgage Banks, and Mobile Money Operators in Nigeria; more than 281 million bank depositors across all insured institutions are protected by the Corporation.”

The NDIC boss said the improved coverage followed the first review of the Maximum Deposit Insurance Coverage since 2016.

Under the revised framework, insurance coverage for depositors in Deposit Money Banks increased from N500,000 to N5m, while customers of Microfinance Banks, Primary Mortgage Banks and Payment Service Banks now enjoy insurance cover of up to N2m. Mobile money subscribers are also covered up to N5m.

He said the reform resulted in 98.98 per cent of Deposit Money Bank customers being fully insured, compared with 89.2 per cent before the review, while full coverage for customers of Microfinance Banks, Primary Mortgage Banks and Payment Service Banks rose to 99.27 per cent, 99.34 per cent and 99.99 per cent respectively.

Sunday also highlighted improvements in the speed of reimbursing depositors after bank failures, saying technology had reduced payment timelines from years to days through the use of the Bank Verification Number.

He noted that the corporation has so far paid more than N54.93bn in insured deposits to Heritage Bank customers, reaching 698,040 depositors. The NDIC boss also disclosed that in 2025 alone, the NDIC paid N4.06bn to 13,446 insured depositors and N33.59bn to uninsured depositors of failed banks.

Sunday said the reforms were reinforced by the NDIC Act 2023, which replaced the 2006 Act and strengthened the corporation’s powers to resolve failing banks, recover assets and protect depositors.

He said the law also gives depositors priority over creditors and shareholders during bank liquidation, strengthens the Deposit Insurance Fund, and enhances the corporation’s asset recovery and enforcement powers.

The NDIC further disclosed that it carried out 287 on-site examinations of banks in 2025, resolved 1,196 out of 1,407 depositor complaints received during the year, and continued off-site surveillance as an early warning mechanism in collaboration with the Central Bank of Nigeria.

It also noted that 32 banks met the March 31, 2026 recapitalisation deadline after raising more than N4.61tn in fresh capital, with the corporation supporting the CBN through capital verification, monitoring capital quality and identifying undercapitalised banks early.

Also speaking, the Permanent Secretary of the Federal Ministry of Finance, Mr Raymond Omachi, said the engagement formed part of the ministry’s commitment to strengthening transparency, accountability and communication with citizens and key stakeholders.

According to him, the platform enables the ministry to share its policies, programmes and achievements in implementing the Presidential Priorities and Ministerial Deliverables assigned to its agencies.

Omachi said, “This engagement is part of the Federal Ministry of Finance’s commitment to strengthening transparency, accountability, and communication with citizens and key stakeholders.”

He added, “As a critical component of the nation’s financial safety-net framework, the NDIC plays an important role in protecting depositors, promoting public confidence in the banking system, and contributing to the stability of the financial sector.”

The Bank of Agriculture said it had commenced the distribution of maize seeds, fertilisers and crop protection products to 500,000 smallholder farmers across the country.

The Federal Government-owned bank said the development was under the Renewed Hope Smallholder Support and Value Chain Fund of the FG, as part of efforts to strengthen food security and improve rural livelihoods across the country.

This was contained in a statement made available to our correspondent on Sunday by the Head, Operations Lead, Office of the Managing Director/Chief Executive Officer of the bank, Mr Adam Mohammed.

In the statement, the Managing Director and Chief Executive Officer of the Bank, Mr Ayo Sotinrin, disclosed this at the flag-off of input distribution held in Karau-Karau, Giwa Local Government Area of Kaduna State on Thursday.

Represented at the occasion by the Divisional Head, Finance and Strategy, Mr Osho Adekunle, Sotinrin said, “The intervention formed part of a nationwide programme targeting nearly 500,000 farmers, who will cultivate about 520,000 hectares of farmland, with an expected output of at least 2.6 million tonnes of additional food for Nigeria’s food basket.”

He stated, “The programme has already recorded significant progress, with close to 200,000 farmers financed, while 1.8 million bags of fertiliser and 329,000 bags of quality, high-yielding seeds were being distributed through 20 Farmer Aggregation Companies in more than 20 states.”

The BOA boss also noted that more than one-third of the beneficiaries were women, reflecting the Federal Government’s deliberate commitment to promoting inclusive agricultural development, describing the initiative as a major component of President Bola Tinubu’s Renewed Hope Agenda, aimed at translating government policy into practical support for farmers through funding, institutional backing and timely access to quality agricultural inputs.

“This initiative is a concrete expression of the Renewed Hope Agenda of Mr President, a policy that moves beyond promises to deliver structure, funding and institutional support for agriculture.

“It tells every Nigerian farmer that they are not alone, as the government and its institutions stand with them from the soil to the market,” Sotinrin explained.

He added that the Bank of Agriculture was proud to serve as the vehicle through which the Federal Government’s agricultural intervention was reaching farmers across the country.

Addressing the beneficiaries, Sotinrin said the success of the programme would ultimately be measured by improved harvests, higher yields, increased incomes and enhanced national food security.

He urged them to make judicious use of the inputs, follow agronomic guidance, keep accurate farm records, and promptly report any challenges encountered during the farming season.

Responding on behalf of the beneficiaries, Solomon Mathew lauded the President Bola Tinubu-led administration for the initiative, describing it as a timely intervention aimed at giving succour to farmers across the country.

Mathew said the intervention would ease the burden of procuring farm inputs, which had become increasingly expensive, enabling smallholder farmers to cultivate larger portions of their farmland and improve productivity during the current farming season.

With the N18.47bn fresh capital injection and other strategic initiatives already at an advanced stage, the company is not only confident but certain of crossing the regulatory finish line ahead of schedule. This means that policyholders can rest assured that their insurer is financially solid, well‑capitalised, and poised to serve them for many more decades to come.

For the average customer, the message from Lasaco Assurance Plc is clear and reassuring. The company pays claims promptly when misfortune occurs, and it has the financial muscle to keep doing so.

As the Nigerian insurance industry evolves, Lasaco Assurance Plc stands tall as a reliable partner that honours its word and puts policyholders first.

Providus Bank and Unity Bank are set to commence operations as a single unified institution following the successful completion of their business combination and the conclusion of all required regulatory, shareholder, and judicial processes.

A statement from the bank on Sunday stated that the newly formed entity, ProvidusUnity Bank, represents a consolidated banking institution positioned to strengthen capitalisation, expand national coverage, deepen financial inclusion, and support Nigeria’s long-term economic ambitions.

The merger brings together Providus Bank’s innovation-driven, customer-centric service model and digital capabilities with Unity Bank’s extensive geographic reach and established market presence, creating a broader platform for retail, SME, and corporate banking services across the country.

The development aligns with ongoing reforms in Nigeria’s financial sector aimed at strengthening institutional resilience, safeguarding depositor confidence, improving competitiveness, and building banks capable of supporting economic transformation.

The bank expressed appreciation to the Central Bank of Nigeria for its role in facilitating the transaction and for its commitment to strengthening the banking system. It also acknowledged the support of shareholders, customers, employees, and other stakeholders.

ProvidusUnity Bank said the merger is expected to enhance Nigeria’s financial sector capacity to mobilise investment, support enterprise development, expand access to credit, and contribute to the country’s aspiration of building a trillion-dollar economy.

For customers, the bank said the integration will deliver expanded access, improved service delivery, stronger technology infrastructure, broader banking channels, and a wider national footprint designed to improve consistency and efficiency of services.

It added that customers should expect continuity in service in the immediate term, with gradual access to enhanced products and broader capabilities over time.

For employees, the bank said the transaction represents continuity, opportunity and stability, adding that it remains committed to retaining talent, preserving institutional knowledge and supporting career growth within the new organisation.

MTN Nigeria Communications Plc has disclosed a significant insider equity transaction, with its corporate employee share acquisition vehicle mopping up over 1.23 million ordinary shares from the floor of the Nigerian Exchange Limited.

The transaction, valued at approximately N921.8m, was executed across multiple trading tranches, underlining a concerted institutional effort to deepen employee asset ownership and align staff interests with broader corporate financial goals.

In an official notification of share dealing by insiders filed with the Exchange, the telecommunications giant revealed that the volume accumulation was completed in a single trading window.

Commenting on the regulatory disclosure, the Company Secretary of MTN Nigeria, Uto Ukpanah, confirmed that the purchase represents a structured layout under the group’s public operational guidelines.

Ukpanah said, “The notification of share dealing by insiders is a regulatory compliance prerequisite. In this instance, the transaction involves the MTNN Employee Share Acquisition scheme, which is designated as a related party to the issuer.

“This filing serves as an initial notification to the market and regulatory authorities, confirming the seamless execution of ordinary share purchases on behalf of our personnel ecosystem.”

A granular breakdown of the pricing metrics attached to the corporate filing showed that the acquisition was structured across five distinct tranches to navigate prevailing market liquidity and maximise price entry points.

The filing noted, “The transaction details across the multi-tranche execution reveal that Tranche 1 accounted for 400,000 shares priced at N734.16 per share, while Tranche 2 took up 10,400 shares at N748.83 per share.

“This was followed by a minor third tranche of 301 shares at N753.37 per share, Tranche 4 consisting of 49,271 shares at N753.76 per share, and a massive final Tranche 5, which mopped up 773,327 shares at N753.86 per share.”

On an aggregate basis, the employee scheme acquired a total volume of 1,233,299 ordinary shares at a volume-weighted average price of N747.42 per share, all executed in Lagos on 19 June 2026.

Market analysts noted that large-scale insider purchases by employee schemes typically provide strong psychological support for public equities on the NGX, as they signal internal confidence in the company’s long-term commercial balance sheet and revenue sustainability.

The notification stated, “The transactions were carried out under the unique Legal Entity Identifier 0292003626J3K6UG9D04, which identifies MTN Nigeria Communications Plc globally in financial operations.”

It added, “The board, led by the Chairman, Dr E. Ndukwe, alongside the Chief Executive Officer, Dr Olutokun Toriola, and the Chief Financial Officer, Mr  Kadri, continues to oversee strategic governance frameworks that position the multinational for sustainable value delivery.”