NDIC Announces Liquidation Process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc

The Nigeria Deposit Insurance Corporation (NDIC) has formally 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. This decision aligns with the provisions outlined in the Banks and Other Financial Institutions Act (BOFIA) 2020.

In an official announcement, the NDIC has laid out several key points affecting depositors and the general public regarding the liquidation process.

Liquidation Process Underway

The NDIC has opened the liquidation process for both banks, as mandated by Section 55 of the NDIC Act 2023. Verification and payment processes for insured deposits have also been initiated, allowing affected depositors to start receiving their funds.

Insured Deposits Payment

Depositors will be reimbursed up to a maximum of ₦2,000,000 (Two Million Naira) per person through their alternate bank accounts, using the Bank Verification Number (BVN) to facilitate automatic crediting of insured sums. For those with deposits exceeding ₦2,000,000, they will receive the insured maximum first, while remaining balances will be addressed as liquidation dividends once the banks’ assets are sold and debts recovered.

Claims Submission

Depositors have two options for submitting their claims:

1. Online Submission: Claims can be submitted digitally through the NDIC claims portal at NDIC Claims Portal. Depositors must complete the form and hit the “Submit” button.
2. Physical Submission: For those preferring in-person assistance, NDIC officials will be available at the branches of the closed banks from December 16 to December 30, 2025. Required documentation includes proof of account ownership, valid identification (such as a Driver’s License or National Identity Card), and alternate bank account details.

Activation of Transaction Alerts

Depositors are encouraged to activate transaction alerts on their accounts to receive timely notifications of payments. If alerts are inactive, they can check their balances using their banks’ USSD codes or by visiting branch locations.

Information for Creditors and Staff

Creditors are also advised to submit their claims online or physically within the specified dates. Payment of liquidation dividends to creditors will begin after all depositors have been compensated.

Payments to staff of the defunct banks will occur from the proceeds of asset sales, following the completion of depositors’ payments. Likewise, shareholders will be compensated after creditors are fully paid.

Action Steps for Debtors

Debtors of Aso Savings and Union Homes are encouraged to visit the NDIC Asset Management Department to settle their outstanding loans in full.

Contact Information

For further inquiries and details regarding claims verification and payment processes, stakeholders can reach out to the NDIC at claimscomplaints@ndic.gov.ng.

This development marks a critical step in ensuring the financial safety of depositors as NDIC works diligently to resolve the financial obligations arising from the liquidation of these institutions.