By Ginika Okoye
Abuja, Dec. 16, 2025 (NAN) – The Nigeria Deposit Insurance Corporation (NDIC) says it has commenced the liquidation process of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, following the revocation of their operating licences by the Central Bank of Nigeria (CBN).
In a notice issued on Tuesday in Abuja to depositors and creditors of the affected banks, the Corporation said verification and payment of insured deposits to customers had begun.
According to NDIC, depositors of the closed banks will be paid insured deposits of up to N2 million per depositor, in line with existing deposit insurance coverage.
The Corporation said it would utilise depositors’ Bank Verification Numbers (BVN) as unique identifiers to trace their alternate bank accounts, into which the insured sums would be credited automatically.
NDIC explained that depositors with balances exceeding N2 million would receive the maximum insured amount first, while the remaining balances would be paid later as liquidation dividends.
It added that payment of uninsured balances would be made after the realisation of the banks’ assets and recovery of outstanding debts owed to the defunct institutions.
To expedite the settlement of uninsured deposits, the Corporation said it would commence the sale of the banks’ assets and intensify loan recovery efforts.
“Following the revocation of the licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc by the CBN on Dec. 15, 2025, the NDIC was appointed as liquidator of the defunct banks in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020,” the notice stated.
NDIC advised depositors to submit their claims online via the Corporation’s claims portal by completing the digital claims form with the required information.
“Depositors who prefer physical verification are advised to visit the nearest branch of the closed banks between Dec. 16 and Dec. 30, where NDIC officials will be available to attend to them,” it said.
The Corporation further advised depositors to present proof of account ownership, valid means of identification, BVN, and details of their alternate bank accounts to facilitate prompt payment.
Creditors of the defunct banks were also advised to submit their claims online or visit the nearest branch offices within the same period.
“In line with the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid,” NDIC said.
It added that deposits of staff of the defunct banks would be settled from the proceeds of asset sales after depositors and creditors had been fully paid.
“Following full payment to depositors and creditors, shareholders will subsequently be paid from further realisation of the banks’ assets and recovery of outstanding debts, as liquidation dividends,” the Corporation said.
NDIC also urged debtors of the failed banks to visit its Asset Management Department to ensure full settlement of their outstanding obligations.
The Corporation advised stakeholders seeking clarification to contact it via claimscomplaints@ndic.gov.ng.
The News Agency of Nigeria (NAN) reports that the CBN revoked the licences of the two mortgage banks on Monday as part of efforts to reposition the mortgage sub-sector and enforce regulatory compliance.
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Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.
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