The Nigeria Deposit Insurance Corporation (NDIC), has commenced the liquidation process for Aso Savings and Loans Plc, and the Union Homes Savings and Loans Plc.
This follows the earlier revocation of their licences by the Central Bank of Nigeria (CBN), over gross violation of the Bank and Other Financial Institutions Act (BOFIA) 2020, and the Revised Guidelines for Mortgage Banks in Nigeria.
CBN said the affected institutions was punished for failure to meet the minimum paid-up share capital requirement for the category of the bank licences granted to them by the CBN.
It listed others to include having insufficient assets to meet their liabilities; Being critically undercapitalised with a capital adequacy ratio below the prudential minimum ratio as prescribed by the CBN; and Failure to comply with several directives and obligations imposed upon them by the CBN.
Following the revocation, the NDIC, 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, said it has begun liquidation in line with Section 55, subsections 1 & 2 of the NDIC Act 2023.
Accordingly, the Corporation announced that the verification and payment of insured deposits to depositors of the closed banks have commenced.
NDIC explained that depositors would 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 would be automatically credited.
The Corporation added that depositors with balances in excess of ₦2,000,000 would 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.
To this end, it said it would commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums.
NDIC also disclosed that verification and processing of depositors’ claims may be carried out online or physically.
Online Submission of Claims: For online submission, the Corporation advised depositors to submit their claims 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.
However, the NDIC said 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 would be available to attend to them.
For verification of deposits and subsequent payment of insured sums, according to Corporation, depositors are required to present: Proof of account ownership; 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).
NDIC said: “Depositors are advised 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.
“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.
“In accordance with the provisions of the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid.
“After the full payment to 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.
“Following the 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.
“Debtors of the defunct banks are advised to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.”
