Following the revocation of the licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc by the Central Bank of Nigeria (CBN), the Nigerian Deposit Insurances Corporation (NDIC) has announced the commencement of the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, in line with Section 55, subsections 1 & 2 of the NDIC Act 2023.

The NDIC said that the verification and payment of insured deposits to depositors of the closed banks have begun as outlined below:

The Corporation said depositors will be paid their insured deposits up to the maximum amount of ₦2,000,000 (Two Million Naira) per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate their alternate bank accounts, into which the insured sums will be automatically credited.

It said 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 realisation of the assets and recovery of debts owed to (of) the failed banks.

It further revealed that the Corporation will commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums.

The liquidator stated that depositors are advised to submit their claims online by visiting the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/  completing the digital claims form with all required information, and clicking the “Submit” button.

For the physical submission of claims, depositors have been 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.

The deposits are enjoined to come with a proof of account ownership which encompasses a verifiable means of identification (Driver’s License, Permanent Voter’s Card, or National Identity Card); and
Details of their alternate bank account and Bank Verification Number (BVN).

It urged the depositors to ensure that transaction alerts are activated for their alternate bank accounts in order to receive notifications of payments. Where alerts are not active, depositors may check their account balances using their banks USSD codes or by visiting their bank branches.

Meanwhile, creditors of the closed banks are advised to submit their claims online or by visiting the nearest branch of the banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025.

The NDIC also said, In accordance with the provisions of the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid.
After payment of all depositors, payment of deposit of staff of the defunct banks will be made from the proceeds of the sale of the banks’ assets, as liquidation dividends, while payments to Shareholders will commence after full payment to Depositors and Creditors, Shareholders shall subsequently be paid from further realisation of the banks’ assets and the recovery of outstanding debts, as liquidation dividends.

It further urged 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 may contact the Corporation through the following channels:

E-mail: claimscomplaints@ndic.gov.ng

Claims Resolution Department:
(Weekdays: 9:00 a.m. to 5:00 p.m.)
Telephone Numbers:
09037273810, 09038197064, 08109313326, 08104220807, 09064657140