Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Aso Savings and Loans Plc and Union Homes Plc following the revocation of their licenses by the Central Bank of Nigeria (CBN) on December 15, 2025 while assuring the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks. As such, depositors are encouraged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound.
The Nigeria Deposit Insurance Corporation (NDIC) was appointed as the liquidator of the defunct banks in line with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
In a public notice to depositors of both institutions, the NDIC announced the commencement of Liquidation in line with Section 55, subsections 1 and 2 of the NDIC Act 2023. Accordingly, the verification and payment of insured deposits to depositors of the closed banks 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 a statement by the management of the Corporation.
Depositors with balances in excess of ₦2,000,000 will be paid the initial insured amount, while their outstanding balances will be settled as liquidation dividends upon the realisation of the assets and recovery of debts owed to (of) the failed banks.
To this end, the Corporation stated it will commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums.
The NDIC advised that verification and processing of depositors’ claims may be carried out online or physically.
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. While 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 verifiable means of identification (Driver’s License, Permanent Voter’s Card, or National Identity Card); and details of their alternate bank account and Bank Verification Number (BVN) for verification.
The management also advised depositors to ensure that transaction alerts are activated for their alternate bank accounts to enable them receive notifications of payments. “Where alerts are not active, depositors may check their account balances using their banks USSD codes or by visiting their bank branches,” the statement added.
Similarly, creditors of the closed banks are advised to submit their claims online or by visiting the nearest branch of the banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025.
In accordance with the provisions of the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid.
The Director also disclosed that after the full payment to all depositors, payment of deposit of staff of the defunct banks will be made from the proceeds of the sale of the banks’ assets, as liquidation dividends.
Following the full payment to Depositors and Creditors, Shareholders shall subsequently be paid from further realisation of the banks’ assets and the recovery of outstanding debts, as liquidation dividends, according tot he agency.
Debtors of the defunct banks are advised to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.
For further information or clarification on claims verification and payments, depositors and other stakeholders the NDIC said they should be contacted through E-mail: claimscomplaints@ndic.gov.ng, Claims Resolution Department: (Weekdays: 9:00 a.m. to 5:00 p.m.), Telephone Numbers: 09037273810, 09038197064, 08109313326, 08104220807, 09064657140 or contact: The Director, Claims Resolution Department Nigeria Deposit Insurance Corporation Lagos Office, 8th Floor, Mamman Kontagora House 23A, Marina P.M.B. 12881, Lagos.
The management said online enquiries can be channeled through the Website: www.ndic.gov.ng, NDIC Social Media Handles on Facebook, Instagram, Twitter (X), LinkedIn, and YouTube – @NDICNigeria.
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