The Nigeria Deposit Insurance Corporation (NDIC) has begun the liquidation 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).
The CBN withdrew the licences of the two financial institutions on December 15, 2025, appointing the NDIC as liquidator under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
In a public notice, the NDIC said it had started verifying and paying insured deposits to customers, in line with the provisions of the NDIC Act 2023. Depositors will receive up to ₦2 million each, with payments automatically credited to their alternate bank accounts using their Bank Verification Numbers (BVN).
Customers with balances above ₦2 million will receive the insured portion first, while the remaining sums will be paid later as liquidation dividends after the banks’ assets are sold and outstanding debts recovered.
To expedite the process, the NDIC has commenced asset sales and intensified loan recovery efforts.
Depositors can submit claims online via the NDIC claims portal or physically at any branch of the closed banks between December 16 and December 30, 2025. For verification, depositors must present proof of account ownership, valid identification, and details of their alternate bank accounts, including BVN.
The NDIC also urged depositors to activate transaction alerts on their accounts to receive notifications of payments or check balances via USSD codes or bank branches.
Creditors of the defunct banks were instructed to submit claims within the same period, with liquidation dividends to be paid only after all depositors are fully settled. Payments to bank staff and shareholders will follow, based on proceeds from asset sales and debt recoveries.
Debtors of the closed banks are required to visit the NDIC’s Asset Management Department to settle outstanding loans.
The NDIC reassured the public that banks whose licences remain valid are safe, urging customers to continue their banking activities without fear while reaffirming its commitment to safeguarding depositors’ funds and maintaining confidence in the financial system.
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