The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, sequel to the Central Bank of Nigeria’s (CBN) revocation of their operating licenses on December 15, 2025.
The move, under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, prioritizes insured depositors amid ongoing efforts to stabilize Nigeria’s financial sector, the Corporation said on Tuesday.
According to the NDIC, verification and payment of insured deposits—up to ₦2,000,000 per depositor—started immediately, using Bank Verification Numbers (BVNs) to credit alternate bank accounts automatically.
It said depositors with higher balances will receive the insured portion first, with excess funds paid later as liquidation dividends from asset sales and debt recoveries”.
NDIC outlined flexible claim submission options:Online: Via the portal at https://ndic.gov.ng/claims-verification-forms/.In-person: At nearest branches of the closed institutions from, Tuesday, December 16, until Thursday, December 30, 2025.
According to a notice by the agency, the required documents include proof of account ownership, valid ID (e.g., Voter’s Card, National ID, or Driver’s License), alternate account details, and BVN.
It advised depositors to activate transaction alerts on alternate accounts or check balances via USSD or bank branches.
It added:”Creditors can submit claims similarly, but payments follow full depositor settlements.
“Bank staff and shareholders will receive liquidation dividends sequentially after depositors and creditors.Debtors must settle loans through NDIC’s Asset Management Department.”
