The Nigeria Deposit Insurance Corporation (NDIC) officially announced the commencement of the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the Central Bank of Nigeria’s (CBN) revocation of their licenses on December 15, 2025.
The NDIC, acting as the statutory liquidator under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, issued the statement on December 16, 2025, to inform the banks’ depositors and the general public of the steps being taken.
The liquidation process, initiated under Section 55, Subsections 1 & 2 of the NDIC Act 2023, involves verification and payment of insured deposits.
The NDIC will pay insured deposits up to the maximum amount of ₦2,000,000 (Two Million Naira) per depositor. The Corporation will use the Bank Verification Number (BVN) as a unique identifier to locate depositors’ alternate bank accounts, into which the insured sums will be automatically credited.
Depositors with balances exceeding ₦2,000,000 will receive the initial insured amount (up to ₦2m). The NDIC will settle their outstanding balances as liquidation dividends only upon the realization of the banks’ assets and the recovery of outstanding debts. To expedite these uninsured payments, the Corporation will immediately begin the sale of the closed banks’ assets and continue the recovery of outstanding loans.
All depositors and creditors can submit their claims either online or physically.
Online Submission: Depositors must visit the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/ to complete and submit the digital claims form.
Physical Submission: Depositors and creditors who prefer physical verification must visit the nearest branch of the closed banks between Tuesday, December 16, 2025, and Thursday, December 30, 2025.
Required Documents: For verification, depositors must present their Proof of account ownership, a verifiable means of identification (Driver’s License, Permanent Voter’s Card, or National Identity Card), and the details of their alternate bank account and Bank Verification Number (BVN).
The NDIC also advised depositors to activate transaction alerts on their alternate bank accounts to receive notifications of the automated payments.
Creditors: Payment of liquidation dividends to creditors will commence only after all depositors have been fully paid, in accordance with the law.
Bank Staff: After the full payment to all depositors, payment of the deposit of the defunct banks’ staff will be made from the proceeds of the asset sales as liquidation dividends.
Shareholders: Following the full payment to both depositors and creditors, shareholders shall subsequently receive payment from further realization of the banks’ assets and debt recovery, as liquidation dividends.
Debtors of the defunct banks must settle their outstanding loans in full by visiting the Corporation’s Asset Management Department to help expedite the payment of uninsured sums.
The NDIC assures the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks, encouraging the public to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound.
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