The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of their operating licences by the Central Bank of Nigeria (CBN).
In a notice to depositors and the general public, the NDIC said it was appointed liquidator of the two primary mortgage banks after the CBN withdrew their licences on December 15, 2025, in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The Corporation explained that the liquidation process has begun in accordance with Sections 55(1) and (2) of the NDIC Act 2023, adding that verification and payment of insured deposits to customers of the closed banks are already underway.
According to the NDIC, depositors are entitled to receive insured deposits of up to ₦2 million per depositor.
Payments will be made using the Bank Verification Number (BVN) to identify depositors’ alternate bank accounts, into which the insured amounts will be automatically credited.
Depositors with balances above ₦2 million will first receive the insured sum, while the remaining balances will be settled as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.
The NDIC said it will commence the sale of the banks’ assets and intensify loan recovery efforts to facilitate the payment of uninsured deposits.
The Corporation advised depositors to submit their claims either online or through physical verification. Online claims can be filed via the NDIC claims portal, while those opting for physical verification are expected to visit the nearest branches of the closed banks between December 16 and December 30, 2025, where NDIC officials will be on ground.
For verification, depositors are required to present proof of account ownership, a valid means of identification—such as a driver’s licence, Permanent Voter’s Card or National Identity Card—as well as details of their alternate bank accounts and BVN.
The NDIC also urged depositors to ensure that transaction alerts are activated on their alternate accounts to enable them receive payment notifications.
Creditors of the defunct banks were similarly advised to submit their claims within the same period, noting that payment of liquidation dividends to creditors will commence only after all depositors have been fully paid, in line with the law.
The Corporation added that payments to staff and shareholders of the banks will be made subsequently from the proceeds of asset sales, after settling depositors and creditors.
Debtors of the failed banks were also urged to regularise and repay their outstanding loans through the NDIC’s Asset Management Department.
For further enquiries, stakeholders have been directed to contact the NDIC through its official email and designated telephone lines or visit its Lagos office.
The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks.
As such, depositors are encouraged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound.
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