NDIC Begins Liquidation of Aso Savings, Union Homes, Following Licence Revocation

By Oluwakemi Kindness

The Nigeria Deposit Insurance Corporation (NDIC) has began the liquidation 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).
In a notice to depositors and the public on Tuesday, the NDIC said it was appointed liquidator of the defunct banks after the CBN withdrew their licences on December 15, 2025, under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The Corporation explained that the liquidation process is being carried out under Sections 55(1) and (2) of the NDIC Act 2023, with verification and payment of insured deposits already underway.
Key points for depositors:
• Depositors will receive insured deposits of up to ₦2 million per person, automatically credited to alternate bank accounts linked to their Bank Verification Number (BVN).
• Depositors with balances above ₦2 million will receive the insured amount first, with outstanding balances paid later as liquidation dividends following asset realisation and loan recovery.
• Claims can be submitted online via the NDIC portal or physically at the closed banks’ branches from Tuesday, December 16 to Thursday, December 30, 2025.
• Required documents include proof of account ownership, valid identification (driver’s licence, voter card, or national ID), and details of the alternate bank account.
The NDIC also urged depositors to activate transaction alerts on their alternate accounts to track payments.
For creditors, staff, and shareholders:
• Creditors must submit claims within the same period, with payments beginning after depositors are fully compensated.
• Payments to employees will come from asset sales after depositors are settled, while shareholders will receive payments later, subject to asset recovery.
Debtors of the defunct banks are advised to contact the NDIC’s Asset Management Department to settle outstanding loans.
The NDIC reassured the public of its commitment to protect depositors’ funds and maintain the safety and soundness of all licensed banks.
For further enquiries, depositors and stakeholders can contact the NDIC’s Claims Resolution Department via phone, email, or the Corporation’s official website and social media channels.