- Claims submission from December 16 – 30, 2025
BY COBHAM NSA – rising from Central Bank of Nigeria (CBN)’s recent revocation of their operating licences, the Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc
The licences were withdrawn on December 15, 2025, with the NDIC appointed as liquidator according to provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
With assurances to the banks’ depositors, the Corporation management said, in a public notice on December 16, 2025, that verification and payment of insured deposits to depositors of the defunct institutions has flagged off in accordance with the NDIC Act 2023.
It explained that depositors are entitled to receive up to a maximum insured sum of ₦2 million per depositor, which will be paid automatically into their alternate bank accounts using their Bank Verification Number, BVN, as a unique identifier.
Furthermore, the Corporation said depositors with balances exceeding ₦2 million would receive the insured portion immediately, while the outstanding uninsured balances would be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.
Accordingly, the Corporation said the process of selling the assets of the failed institutions and intensifying debt recovery efforts has already began, adding that depositors can submit their claims either online through the NDIC claims portal or physically at the nearest branches of the closed banks between December 16 and December 30, 2025.
The public notice stated that claimants are required to present proof of account ownership, a valid means of identification, and details of their alternate bank accounts and BVN for verification and payment.
This is as it also advised creditors to submit their claims within the same period, noting that payment of liquidation dividends to creditors would commence only after all depositors have been fully paid, as required by law.
Also, the Corporation advised depositors are advised to ensure that transaction alerts are activated for their alternate bank accounts in order to receive notifications of payments, adding: “Where alerts are not active, depositors may check their account balances using their banks USSD codes or by visiting their bank branches.”
On repayment of outstanding loans, the statement said: “Debtors of the defunct banks are advised to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.”
While reassuring the public of the safety of funds in other licensed banks, the NDIC urged depositors to continue their banking activities without fear, even as it reaffirmed its resolve to protecting depositors and maintaining confidence in the Nigerian banking system.
“Depositors are encouraged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound”, the Corporation said.
