The Nigeria Deposit Insurance Corporation (NDIC) has commenced 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).
In a notice issued on Tuesday, the NDIC said it was appointed liquidator of the defunct mortgage banks in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The appointment followed the CBN’s decision to withdraw the banks’ licences on December 15, 2025.
The Corporation announced that verification and payment of insured deposits to affected customers have begun.
“Depositors will be paid their insured deposits up to the maximum amount of ₦2,000,000 (Two Million Naira) per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate their alternate bank accounts, into which the insured sums will be automatically credited”.
According to the NDIC, depositors with balances above ₦2 million will receive the insured portion immediately, while the outstanding amounts will be paid later as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.
“To this end, the Corporation will commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums”.
To facilitate the process, the NDIC said depositors could submit their claims either online through its claims portal or physically at the nearest branches of the closed banks between December 16 and December 30, 2025.
It said; “Depositors are advised to submit their claims online by visiting the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/ completing the digital claims form with all required information, and clicking the “Submit” button.
“Depositors who prefer physical verification are advised to visit the nearest branch of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials will be available to attend to them.”
Depositors are required to present proof of account ownership, a valid means of identification, and details of an alternate bank account with BVN.
The Corporation also urged depositors to activate transaction alerts on their alternate bank accounts to receive payment notifications.
Creditors of the defunct banks were similarly advised to submit their claims within the same period, noting that liquidation dividends to creditors would commence only after all depositors have been fully paid, in line with the law.
The NDIC further stated that payments to staff of the failed banks would be made from proceeds of asset sales after depositors have been settled, while shareholders would be paid subsequently, subject to further asset realisation and debt recovery.
Debtors of the closed banks were advised to approach the NDIC’s Asset Management Department to settle their outstanding loan obligations.
Reassuring the public, the NDIC said it remains committed to safeguarding depositors’ funds and urged Nigerians to continue banking with confidence, stressing that banks whose licences have not been revoked remain safe and sound.
Olusola Akintonde