The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc are set to sign a Memorandum of Understanding (MoU) aimed at ensuring a more efficient process of reimbursement of depositors in the event of bank failure.

This development was disclosed by the Managing Director/Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, during a courtesy visit to the Corporation’s Head Office in Abuja by the NIBSS Executive Management team led by its Managing Director/Chief Executive, Mr. Premier Oiwoh.

Sunday commended NIBSS for its longstanding partnership and invaluable contributions to strengthening the Corporation’s mandate of protecting depositors and enhancing public confidence in the banking system.

He highlighted the pivotal role played by the NIBSS in driving digital verification processes, particularly through the deployment of the Bank Verification Number (BVN) platform, which enabled seamless payment to the alternate bank accounts of depositors of failed Heritage Bank Limited.

“You have been a reliable partner and NDIC remains committed to that partnership. Without NIBSS’s support, it would have been difficult to achieve the milestone we attained with the closure of failed Heritage Bank despite the impromptu nature of the arrangement. That is why it is important for us to concretise our partnership through this MoU”, the NDIC MD/CE stressed.

Mr. Sunday highlighted key areas to be covered by the MoU such as real-time synchronization of NDIC’s deposit registers and electronic records to allow for swift verification of eligible accounts during bank resolution; expansion of disbursement channels for depositor claims to include Mobile Money Operators (MMOs) and possible NDIC-branded mobile interface; and investment in Single Customer View (SCV) and interoperability infrastructure for instant validation in the event of bank failure.

The NDIC Boss commended NIBSS for reforming the payments system in Nigeria and putting it ahead of its peers in most part of the world, adding that efforts of the NIBBS platform in mitigating frauds in the financial system are laudable.

In his response, the NIBSS MD/CE, Mr. Premier Oiwoh, expressed appreciation to the NDIC leadership for the sustained partnership that is geared towards a safer and smooth payment system in Nigeria over the years.

He reaffirmed NIBSS’s full commitment to supporting the Corporation in the delivery of its mandate of depositor protection, emphasizing that NIBSS exists to serve Nigerians and stands ready to provide the technological backbone required to enhance financial system stability.

Oiwoh emphasized the critical importance of prompt and efficient reimbursement during bank failures, noting that the NDIC’s efforts in this regard directly contribute to public trust and financial inclusion.

He assured that his organisation is working closely with law-enforcement agencies to proactively reinforce the safety of the nation’s payment system, as well as strengthen its infrastructure to lower the cost of transactions on its platforms.

The MoU between both institutions is expected to usher in a new era of digitized, responsive, and technology-driven depositor reimbursement process, ultimately reinforcing confidence in Nigeria’s financial safety-net framework.

Following the revocation of the licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc by the Central Bank of Nigeria (CBN) on December 15, 2025, 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. It is in this regard that the NDIC announces the following to the banks’ depositors and the general public:

Commencement of Liquidation:

In line with Section 55, subsections 1 & 2 of the NDIC Act 2023, the Corporation has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc. Accordingly, the verification and payment of insured deposits to depositors of the closed banks have begun as outlined below:

Verification and Payment of Depositors

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.

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 will commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums.

Submission of Claims

Verification and processing of depositors’ claims may be carried out online or physically, as follows:

Online Submission of Claims:

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.

Physical Submission of Claims:

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.

For verification of deposits and subsequent payment of insured sums, 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).

Activate Transaction Alerts

Depositors are advised to ensure that transaction alerts are activated for their alternate bank accounts in order to 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.

Verification and Payment to Creditors

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.

Payment to Bank Staff

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.

Payments to Shareholders

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.

Debtors’ Repayment of Outstanding Loans

Debtors of the defunct banks are advised to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.

Enquiries and Further Information

For further information or clarification on claims verification and payments, depositors and other stakeholders may contact the Corporation through the following channels:

The NDIC wishes to assure 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.

L-R: Head, Strategic Communications and Media Relations, Union Bank, Olufisayo Adelekun; Chairman, Wonder Energy, Engr. Toju Koso; Chief Brand and Marketing Officer, Union Bank, Olufunmilola Aluko, Team Lead, External Communication, Union Bank, Favour Ayeni; Executive Asst, Corporate Communication and Marketing, Union Bank, Boluwatife Lawal; Products and Partnerships Specialist, Union Bank, Oghenemaro Ebrorhie; Team Lead, Digital Marketing, Union Bank, Abisola Oluyede; and Customer Service Partner, Union Bank, Eduvie Ejakpomewhe during the Award presentation to Union Bank for Best Company in Workplace Practice at the 2025 SERAS Awards held in Lagos recently.

Union Bank of Nigeria has secured another prestigious accolade, being named Best Company in Workplace Practice at the Sustainability, Enterprise and Responsibility Awards.

This significant achievement follows a comprehensive assessment by SERAS multinational independent judges who rigorously evaluated applicants’ Corporate Social Responsibility and sustainability initiatives.

Union Bank received nominations across four categories: SERAS Education Intervention of the Year, Best Company in Workplace Practice, Best in Gender Equity and Women Empowerment, and Best Company in Reporting and Transparency.

The Bank also achieved first runner up positions in both the Gender Equity and Women Empowerment and Educational Intervention categories, highlighting the strength of its commitment to these critical areas.

The Bank’s award-winning workplace practices reflect its holistic people-first philosophy that transcends conventional human resources functions. Union Bank has created an inclusive, rewarding and high performing work environment that establishes new benchmarks for Nigeria’s financial sector.

Key initiatives that distinguished Union Bank include the introduction of five months fully paid maternity leave exceeding statutory requirements, and the establishment of an onsite crèche at its head office to support work life balance and improve female retention.

The Bank also recorded its highest promotion rate in ten years with 24 per cent of employees advancing across departments, demonstrating a robust meritocratic culture. A significant 40 per cent salary increase further enhanced employee financial wellbeing, reduced economic pressures and boosted productivity.

Judges recognised Union Bank’s initiatives for generating substantial social value, particularly in advancing gender equality through comprehensive maternity benefits aligned with Sustainable Development Goal 5. Enhanced wellness programmes featuring mental health support and flexible working arrangements fostered a more inclusive workplace, improving overall staff wellbeing. The Bank’s prioritisation of employee and family needs created positive ripple effects throughout the broader community.

Commenting on the award, Olufunmilola Aluko, Chief Brand and Marketing Officer at Union Bank, stated:

“Our workplace initiatives are firmly anchored in our triple pillar model of Citizenship, Sustainability and Innovation, which underpins our commitment to responsible financial, environmental and socio-economic development. This framework empowers us to champion best practices across the sector. The measurable outcomes, including enhanced employee satisfaction, increased productivity and significant progress in gender inclusion, demonstrate the strength and adaptability of our approach. We are confident these efforts will continue driving positive social transformation across Nigeria. Union Bank is deeply honoured by this recognition from SERAS and all sustainability stakeholders, and we remain dedicated to advancing these vital initiatives.”

Now in its nineteenth year, SERAS has consistently established the benchmark for corporate social responsibility and sustainability excellence.

This year’s edition, themed “Sustainability 2.0: Innovating for Impact and Inclusive Growth”, celebrated corporate entities and leaders who pushed creative, technological and strategic boundaries to deliver measurable community and industry impact.

Union Bank’s workplace initiatives provide a robust model worthy of replication both within and beyond the financial sector, setting a new standard for responsible corporate citizenship in Nigeria.

About Union Bank of Nigeria Plc

Established in 1917, Union Bank is a leading provider of financial services in Nigeria, renowned for its “Simpler, Smarter Banking” philosophy. With a nationwide network and a strong focus on digital innovation, Union Bank continues to empower individuals, businesses, and the public sector to achieve lasting success.

The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers a range of banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

A five-member panel of the Supreme Court, led by Justice Lawal Garba recently ruled in favor of Fidelity Bank in its appeal against Sagecom Concepts Limited. Given previous rulings, this marks a significant victory for Fidelity Bank in a long-running legal dispute.

The judgment brings definitive closure to a legacy case that has attracted attention across the financial sector for more than two decades.

In a motion dated October 8, 2025, Fidelity Bank sought clarification from the Supreme Court, requesting a consequential order that the judgment debt be paid in Naira. The bank also asked that the interest rate be set at 19.5% per annum rather than 19.5% compounded daily.

Additionally, it prayed that the exchange rate used for conversion be the rate on the date of the High Court judgment, in line with the Supreme Court’s decision in Anibaba v. Dana Airlines.

Fidelity Bank further requested that the judgment debt be fixed at ₦30,197,286,603.13 and that interest on this amount be payable at 19.5% per annum until full settlement.

In a ruling delivered by Justice Adamu Jauro, the apex court granted the bank’s first three prayers but declined the fourth and fifth. As a result, the judgment sum will be paid in Naira at an annual interest rate of 19.5%, rather than the daily compounded rate previously awarded by the High Court.

The Supreme Court also affirmed that the applicable exchange rate should be that of the date of the High Court judgment, consistent with its earlier decision in Anibaba v. Dana Airlines.

The dispute originated from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. It stemmed from a 2002 credit facility extended to G. Cappa Plc and subsequent legal proceedings tied to the collateral.

This ruling provides finality to years of litigation and confirms a significantly lower liability than the ₦225 billion previously speculated in some quarters. It aligns with Fidelity Bank’s consistent computation and materially contradicts earlier estimates.

Throughout the case, Fidelity Bank’s share price remained stable, reflecting investor confidence in its strong governance framework, prudent risk management, and robust financial fundamentals. Industry experts believe the judgment reinforces the bank’s financial strength and commitment to transparent, responsible governance.

When approached for comment, Fidelity Bank representatives declined to speak on the matter but expressed gratitude to the Supreme Court for bringing clarity and closure to the case.

Polaris Bank, in partnership with Evolve Charity Trust, has successfully concluded its 2025 nationwide distribution of school essentials to 1,000 students across ten public secondary schools in five states, including the Federal Capital Territory (FCT).

The initiative is part of the Bank’s sustained Corporate Social Responsibility (CSR) efforts to keep more children, especially the girl child, in school.

This year’s exercise adds to a growing intervention that has supported more than 24,000 students in public schools across 49 locations since 2021.

This year’s beneficiaries received a complete learning kit consisting of a school uniform, school bag, a pair of sandals, six exercise books and pens. According to school authorities, these materials continue to improve attendance, boost confidence and support academic performance.

In delivering the programme, Polaris Bank also stimulated the local economy by sourcing uniforms from local tailors, procuring books from bookshops and purchasing sandals and bags from community traders, thereby supporting small businesses across the beneficiary states.

Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal, reaffirmed the Bank’s five-year promise to champion the education of Nigeria’s girl child, noting that the materials are symbols of belief in the students’ potential to become scholars, innovators and future leaders.

School administrators across the country expressed gratitude for the timely support, noting that the essentials meet real and urgent needs, ease the burden on families and positively impact academic performance. Many students come from homes where parents cannot afford these items and the gesture has restored pride among beneficiaries.

Representatives of the Bank reiterated their commitment to improving access to education, championing access to quality learning, and encouraging students to make the best use of the materials and stay committed to success.

The 2025 distribution covered the following schools: Government Girls Secondary School, Kundila, Kano; Model Junior Secondary School, Maitama, Abuja; Government Junior Secondary School, Area 10, Garki, Abuja; Fortune Secondary School, Lokoja, Kogi State; National High School, Arondizuogu, Imo State; Iheme Memorial Secondary School, Iheme, Imo State; Akokwa High School, Akokwa, Imo State; Opebi Junior Grammar School, Opebi, Lagos; Gbaja Girls Junior Secondary School, Surulere, Lagos; and Gbaja Girls Senior Secondary School, Surulere, Lagos.

Expressing gratitude for the timely support, Hajiya Aisha Shehu Yakasai, Principal of Government Girls Secondary School in Kundila, Kano, said the essentials “meet real and urgent needs” and have eased the burden on families. Aso, Madam Maji-Abu Omanyo Esther, Principal of Fortune Secondary School, Lokoja, described the gesture as one that “brought joy and will positively impact academic performance.”

Commending the Bank for restoring pride among beneficiaries, Mrs. Erdoo Lortyom, Vice Principal at Model Junior Secondary School, Maitama, Abuja, noted that many students come from homes where parents cannot afford these items while Mrs. Dabiri Nwabuoku Adetoun Iyabo, Principal of Gbaja Girls Junior and Senior Secondary Schools, Surulere, thanked Polaris Bank for its “consistent yearly gesture,” assuring that the materials will be put to excellent use.

Representatives of the Bank reiterated their commitment to improving access to education.

In Kano, Branch Head, Mr. Madiebo Godwin, reaffirmed the Bank’s dedication to “championing access to quality learning,” while in Lokoja, Business Development Manager, David Ojonugwa, encouraged students to “make the best use of the materials and stay committed to success.”

Speaking in Imo State, the Bank’s Business Development Manager for Urualla Branch, Mr. Peter Nnamani, urged students to aim high, noting that every career dream “begins with dedication in school.”

Project Manager of Evolve Charity Trust, Mr. Godwin Ejeh, noted that investing in a child’s education “lights a candle that brightens entire communities,” noting the ripple effect witnessed across states visited during the distribution.

The initiative aligns with the United Nations Sustainable Development Goals, particularly SDG 4: Quality Education and SDG 5: Gender Equality, by promoting inclusive access to education and reducing gender-based barriers that keep girls out of school.

Polaris Bank affirmed its continued commitment to partnering with credible development organisations to deliver sustainable educational impact across Nigeria.