NDIC begins payout to depositors as CBN revokes licences of Aso Savings, Union Homes 

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process and payment of insured deposits to customers of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of their operating licences by the Central Bank of Nigeria (CBN).

The CBN withdrew the licences of the two mortgage banks on December 15, 2025, after which the NDIC was appointed as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

In a public notice issued on Tuesday, the NDIC said it had begun the verification and payment of insured deposits to affected customers, in accordance with Sections 55(1) and (2) of the NDIC Act 2023.

The Corporation disclosed that depositors would be paid up to the maximum insured limit of ₦2 million per depositor. Payments will be made using the Bank Verification Number (BVN) to identify depositors’ alternate bank accounts, into which the insured sums will be credited automatically.

Depositors with balances exceeding ₦2 million will receive the insured portion immediately, while the remaining balances will be paid as liquidation dividends after the sale of the banks’ assets and recovery of outstanding debts.

To fast-track the process, the NDIC said it has commenced the disposal of the defunct banks’ assets and intensified efforts to recover loans owed to them.

The Corporation advised depositors to submit their claims either online or physically. Online claims can be submitted through the NDIC claims portal, while those opting for physical verification are to visit the nearest branch of the closed banks between December 16 and December 30, 2025, where NDIC officials will be on ground.

For verification and payment, depositors are required to present proof of account ownership, a valid means of identification, and details of their alternate bank accounts along with their BVN.

The NDIC also urged depositors to ensure that transaction alerts are activated on their alternate bank accounts to enable them to receive notifications of payments.

Creditors of the defunct banks were similarly advised to submit their claims within the same period, noting that liquidation dividends to creditors would be paid only after all depositors have been fully settled, in line with extant laws.

The Corporation further stated that payments to staff and shareholders of the affected banks would be made subsequently from proceeds realised from asset sales and debt recoveries, after depositors and creditors have been fully paid.

Debtors of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc were urged to approach the NDIC’s Asset Management Department to settle their outstanding obligations.

The NDIC reassured the banking public of the safety of deposits in licensed banks whose operating licences remain valid, urging customers to continue their banking activities without fear.

It also provided contact details for enquiries and further clarification, reiterating its commitment to protecting depositors’ funds and maintaining stability in the banking system.