NDIC commences liquidation of Aso Savings, Union Homes
Nigeria Deposit Insurance Corporation NDIC
Nike Popoola
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, following the revocation of their licenses by the Central Bank of Nigeria (CBN) on December 15, 2025.
A statement from NDIC said in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55 of the NDIC Act 2023, the NDIC has taken over as liquidator of the defunct banks to ensure orderly payment to depositors and creditors.
Under the scheme, depositors will receive insured sums of up to ₦2,000,000 per account, automatically credited to their alternate bank accounts using their Bank Verification Number (BVN) as a unique identifier. Depositors with balances exceeding the insured limit will initially receive ₦2,000,000, with the remaining funds to be paid later as liquidation dividends after the recovery of assets and debts owed to the banks.
Depositors can submit claims either online via the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/ or physically at the nearest branch of the defunct banks from December 16 to December 30, 2025. Required documents include proof of account ownership, a valid means of identification, and details of an alternate bank account linked to the BVN.
NDIC also advised depositors to activate transaction alerts on their alternate bank accounts to receive timely notifications of payments.
Creditors of the closed banks are similarly urged to submit claims online or at branches during the same period. Payment of liquidation dividends to creditors will commence after depositors have been fully compensated. Payments to bank staff and shareholders will follow, based on the proceeds from asset sales and debt recoveries.
The NDIC further called on debtors of the defunct banks to visit its Asset Management Department to settle outstanding loans. For enquiries and clarification, stakeholders can contact NDIC directly through its official communication channels.
