NDIC begins liquidation of ASO SAVINGS,  UNION HOMES

The Nigeria Deposit Insurance Corporation (NDIC) has officially commenced the liquidation of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of their licences by the Central Bank of Nigeria (CBN) on December 15, 2025.

The move is aimed at safeguarding depositors’ funds and ensuring the orderly closure of the defunct institutions.

As liquidator, the NDIC has begun the verification and payment of insured deposits, which are capped at ₦2,000,000 per depositor.

According  to the NDIC, payments will be automatically credited to alternate bank accounts using the Bank Verification Number (BVN) as a unique identifier.

Depositors with balances exceeding the insured limit will receive the first ₦2 million immediately, while the remaining funds will be paid as liquidation dividends following the sale of bank assets and recovery of outstanding loans.

In a statement, the corporation said that depositors can submit claims online through the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/ or physically at the nearest branch of the defunct banks between December 16 and December 30, 2025. Required documents include proof of account ownership, valid means of identification, and details of an alternate bank account with an active BVN.

Creditors, bank staff, and shareholders will receive payments after depositors have been fully reimbursed, funded through proceeds from the banks’ asset sales and recovered debts. Debtors of the defunct banks are urged to visit the NDIC’s Asset Management Department to settle outstanding loans.

The NDIC reassured the public of the safety of funds in all licensed banks, emphasizing that banking activities can continue normally at institutions whose licenses remain valid. The Corporation reiterated its commitment to protecting depositors’ funds and maintaining confidence in Nigeria’s banking sector.