By Anthony Otaru, Abuja
The Nigeria Deposit Insurance Corporation ( NDIC) has begun the Liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.
NDIC disclosed this yesterday in a statement signed by its management in Abuja.
The statement said: “Following the revocation of the licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, by the Central Bank of Nigeria ( CBN,) on December 15 , 2025, the Nigeria Deposit Insurance Corporation ( NDIC) was appointed as the Liquidator of the defunct banks in line with the provision of Section 12/2 of the Banks and Other financial Institutions Act ( BOFIA), 2020”
“ It is in this regard that the NDIC announced that in line with section 55, subsection 1 & 2 of the NDIC Act 2023, the Corporation has commenced the liquidation for the said banks,’’it stated.
“Accordingly, the Verification and payment of insured deposits to depositors of the closed banks have begun.’’
It said that depositors will be paid their deposits up to the maximum amount of N2,000,000.00 ( Two Million Naira) per depositors using the Bank Verification Number ( BVN).as a unique identification to locate their alternate bank accounts into which the insured sums will be automatically credited.
“Depositors with balance in excess of N2 million will be paid the initial insured amount while their outstanding balance will be settled as liquidation dividends upon the realization of the assets and recovery of debts owed to ( of) the failed banks.
“To this end, the Corporation will commence the same of the Banks assets and continue recovery of outstanding loans in order to expedite payment of in insured sums.”
“Verification and processing of depositors claims may be carried out online or physically — Depositors are advised to submit their claims online by visiting the NDIC claims portal , completing the digital claims form with all the required information.
‘’Also, depositors who prefer Physical verification are advised to visit the nearest branch of the closed banks between Tuesday December 16 , 2025 and Thursday December 30 , 2025 where NDIC officials will be available to attend to them.
