Story written (By Rita Uzuh, July 16, 2025)

Ten of Nigeria’s leading banks spent a combined N377.85 billion on statutory payments to the Asset Management Corporation of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC) in the first quarter (Q1) of 2025, reflecting a sharp 34.6% increase from the N280.67 billion paid in the same period of 2024.

This was revealed in the banks’ unaudited financial results for Q1 2025, published on the Nigerian Exchange Limited (NGX).

The banks include:
First Bank Holdings, Zenith Bank, GTCO, UBA, Access Holdings, Fidelity Bank, Wema Bank, Stanbic IBTC Holdings, Sterling Financial Holdings, and FCMB Group.

Rising Regulatory Costs

A breakdown of the data shows:

• AMCON levy rose to N283.85 billion, up 28% from N221.2 billion in Q1 2024.
• NDIC Deposit Insurance Premium surged to N93.99 billion, up 58% from N59.5 billion in the same period last year.

Despite the rising expenses, the 10 banks collectively reported N1.58 trillion in profit before tax for Q1 2025, a marginal increase from N1.51 trillion recorded in Q1 2024.

These levies—mandated under the AMCON Act of 2015—are calculated based on total assets and contingent liabilities, aimed at safeguarding the financial system from future crises.

Leading Payers

• Zenith Bank paid the highest AMCON levy at N71.92 billion, representing a 56% increase from Q1 2024, owing to its asset base of N32.4 trillion as of March 2025. It also paid N16.68 billion to NDIC, up 97% from N8.49 billion.
• Access Holdings paid N18.24 billion in NDIC premiums (up 87%) and N38.95 billion in AMCON levy, which is 30.58% lower than the N56.11 billion it paid in Q1 2024—due to a 5.8% reduction in its total assets to N38.99 trillion.