‎NDIC Begins Liquidation Of Aso Savings and Loans, Union Homes

‎The Nigeria Deposit Insurance Corporation, NDIC, 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.

The licences were withdrawn on December 15, 2025, after which the NDIC was appointed as liquidator in line with the provisions of the Banks and Other Financial Institutions Act, BOFIA 2020.
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‎In a public notice, the Corporation announced that verification and payment of insured deposits to depositors of the defunct banks had begun in accordance with the NDIC Act 2023.

Depositors are entitled to receive up to a maximum insured sum of ₦2 million per depositor, which will be paid automatically into their alternate bank accounts using their Bank Verification Number, BVN, as a unique identifier.
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‎The NDIC explained that depositors with balances exceeding ₦2 million would receive the insured portion immediately, while the outstanding uninsured balances would be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

To facilitate this, the Corporation has begun the process of selling the assets of the failed banks and intensifying debt recovery efforts.
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‎According to the notice, depositors can submit their claims either online through the NDIC claims portal or physically at the nearest branches of the closed banks between December 16 and December 30, 2025. Claimants are required to present proof of account ownership, a valid means of identification, and details of their alternate bank accounts and BVN for verification and payment.
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‎The Corporation also advised creditors to submit their claims within the same period, noting that payment of liquidation dividends to creditors would commence only after all depositors have been fully paid, as required by law.

The NDIC reassured the public of the safety of funds in other licensed banks, urging depositors to continue their banking activities without fear, while reaffirming its commitment to protecting depositors and maintaining confidence in the Nigerian banking system.
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‎PR/Umbwanko