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) on December 15, 2025. The NDIC was appointed liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
According to the Corporation, the action is aimed at protecting depositors, ensuring an orderly winding down of the defunct institutions, and sustaining confidence in Nigeria’s financial system.
Verification and Payment of Insured Deposits Commence
In line with the provisions of the NDIC Act 2023, the Corporation confirmed that verification and payment of insured deposits have commenced. Depositors of the closed primary mortgage banks are entitled to insured payments of up to ₦2 million per depositor.
The NDIC explained that payments will be made automatically using depositors’ Bank Verification Numbers (BVN) to locate their alternate bank accounts, into which the insured sums will be credited.
Depositors With Balances Above ₦2 Million
Depositors whose balances exceed ₦2 million will first receive the insured portion of their deposits. The outstanding balances will be paid later as liquidation dividends, subject to the successful realisation of the banks’ assets and recovery of outstanding loans.
To fast-track these payments, the NDIC disclosed that it has commenced the sale of the defunct banks’ assets and intensified debt recovery efforts.
Online and Physical Claims Submission
The Corporation provided both online and physical channels for claims submission. Depositors choosing the online option are required to complete and submit the digital claims form on the NDIC claims portal.
For physical verification, depositors may visit the nearest branch of the closed banks between Tuesday, December 16, 2025, and Thursday, December 30, 2025, where NDIC officials will be available.
Documents Required for Verification
Depositors are required to present proof of account ownership, a valid means of identification such as a National Identity Card, Permanent Voter’s Card or Driver’s License, as well as details of their alternate bank account and Bank Verification Number (BVN).
They are also advised to activate transaction alerts on their alternate bank accounts to receive prompt payment notifications.
Creditors, Staff and Shareholders’ Claims
Creditors of the defunct banks have been advised to submit their claims within the same verification period. The NDIC noted that liquidation dividends to creditors will commence only after all depositors have been fully paid.
Payments to staff and shareholders will follow subsequently, subject to the availability of funds from asset realisation and loan recoveries.
Debtors Advised to Repay Outstanding Loans
Debtors of Aso Savings and Union Homes were urged to visit the NDIC’s Asset Management Department to settle their outstanding obligations, stressing that loan recovery is crucial to the timely payment of uninsured deposits and other liquidation dividends.
Enquiries and Further Information
The NDIC advised depositors, creditors and other stakeholders who require further clarification on claims verification and payments to contact the Corporation through its official channels.
Enquiries can be directed via email at claimscomplaints@ndic.gov.ng or through the Claims Resolution Department during official working hours (weekdays, 9:00 a.m. to 5:00 p.m.).
Designated telephone lines are also available: 09037273810, 09038197064, 08109313326, 08104220807, and 09064657140.
Alternatively, stakeholders may visit the NDIC Lagos Office at the 8th Floor, Mamman Kontagora House, 23A Marina, Lagos, or access information via the Corporation’s website and verified social media platforms.
NDIC Reassures the Banking Public
The NDIC reaffirmed its commitment to the safety of depositors’ funds and urged Nigerians to continue their banking activities with confidence, noting that banks whose licences have not been revoked remain safe and sound.
