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.
