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.
In a statement, the NDIC said it was appointed liquidator in line with the Banks and Other Financial Institutions Act and has begun verification and payment of insured deposits to affected customers.
According to the Corporation, depositors will receive up to ₦2 million per depositor, paid directly into their alternate bank accounts using their Bank Verification Number (BVN). Customers with balances above the insured limit will receive the initial ₦2 million, while the remaining funds will be paid later as liquidation dividends after asset sales and debt recoveries.
The NDIC said depositors can submit claims online through its claims portal or physically at any branch 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 account and BVN.
Creditors of the defunct banks are also advised to submit their claims within the same period. The NDIC explained that creditors will be paid only after all depositors have been fully settled, in line with the law.
The Corporation added that payments to bank staff and shareholders will be made later from proceeds of asset sales, while debtors of the failed banks are urged to settle outstanding loans with the NDIC.
The NDIC reassured the public of the safety of deposits in other licensed banks, stressing that the action affects only institutions whose licences have been revoked.
Further information is available through the NDIC website and official contact channels.
