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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.
The 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.
Verification and Payment of Insured Deposits
The NDIC has begun the verification and payment of insured deposits to depositors of the closed banks. Depositors will be paid their insured deposits up to the maximum amount of ₦2,000,000 per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate their alternate bank accounts. The insured sums will be automatically credited into the designated accounts. 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 realization of the assets and recovery of debts owed to the failed banks .
Submission of Claims
Depositors can submit their claims online or physically. To submit claims online, depositors are advised to visit the NDIC claims portal at (link unavailable), complete the digital claims form with all required information, and click the “Submit” button. For physical submission, depositors can visit the nearest branch of the closed banks between December 16, 2025, and December 30, 2025, where NDIC officials will be available to attend to them. Depositors are required to present proof of account ownership, a verifiable means of identification, and details of their alternate bank account and BVN.
Payment to Creditors and Shareholders
Creditors of the closed banks are advised to submit their claims online or by visiting the nearest branch of the banks between December 16, 2025, and December 30, 2025. Payment of liquidation dividends to creditors will commence after all depositors have been fully paid. Shareholders will subsequently be paid from further realization of the banks’ assets and 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 can contact the NDIC through their website or visit their office.
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