By Chioma Obinagwam
The Nigeria Deposit Insurance Corporation (NDIC) has initiated the liquidation process and begun paying insured deposits to customers of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, following the Central Bank of Nigeria’s (CBN) revocation of their operating licences on December 15, 2025.
Confiance News reports from a notice from the corporation on Wednesday.
The revocation, Confiance News gathered, stemmed from ongoing regulatory breaches, including failure to meet minimum capital requirements, severe undercapitalisation, inadequate assets to cover liabilities, and non-compliance with supervisory directives under the Banks and Other Financial Institutions Act (BOFIA) 2020.
Acting as liquidator in accordance with Section 12(2) of BOFIA 2020, the NDIC has assured depositors of up to ₦2,000,000 (Two Million Naira) in insured funds per individual. These payments are being automatically transferred to alternate bank accounts linked through the Bank Verification Number (BVN).
Confiance News learnt that customers with balances exceeding ₦2 million will receive the insured portion promptly, while any remaining amounts will be disbursed later as liquidation dividends, derived from the sale of bank assets and recovery of outstanding debts.
To facilitate claims, depositors have the option of submitting details online via the NDIC portal at https://ndic.gov.ng/claims-verification-forms/, where they can complete and submit a digital form. Alternatively, they may visit the nearest branch of the closed institutions from December 16 to December 30, 2025, for in-person assistance from NDIC officials.
For verification, individuals must provide proof of account ownership, a valid means of identification such as a Driver’s License, Permanent Voter’s Card, or National Identity Card, along with details of their alternate bank account and BVN. The NDIC also recommends activating transaction alerts on alternate accounts to receive immediate notifications of credits, or checking balances through USSD codes or bank visits if alerts are inactive.
Creditors of the failed institutions are required to file claims either online or in person within the same December window, though their payments will only commence after all depositors have been fully settled. Staff deposits will follow, paid from asset sale proceeds as dividends, with shareholders receiving any remaining funds last, after further asset realisations and debt recoveries.
To speed up payments for uninsured amounts, the NDIC plans to expedite the disposal of bank assets and pursue loan recoveries. Debtors are encouraged to contact the Corporation’s Asset Management Department to arrange full settlement of their obligations.
In closing, the NDIC reaffirmed its dedication to protecting depositors’ funds across all licensed banks and urged the public to continue normal banking activities with confidence, emphasising that institutions retaining valid licences remain secure and operational.
- Aso Savings depositors payment guide
- Aso Savings licence revocation
- Bank debtors repayment to NDIC
- CBN revokes Nigerian bank licences
- Confiance News
- Failed savings banks in Nigeria 2025
- How to claim NDIC insured funds
- Insured deposits ₦2 million limit
- Liquidation dividends for bank shareholders
- NDIC contact details for enquiries
- NDIC deposit payouts 2025
- NDIC online claims verification portal
- Nigeria bank liquidation process
- Nigeria banking system safety assurance
- Union Homes asset sales NDIC
- Union Homes bank closure
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