Bamidele Famoofo
Depositors of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc are about to get their insured deposits to the tune of N2million from the Nigeria Deposit Insurance Corporation (NDIC).
A statement issued by the NDIC on Tuesday, December 16, 2025,noted that liquidation process of the two defunct banks has commenced.
The sledge hammer from the Central Bank of Nigeria ( CBN) fell on the two financial institutions on December 15, 2025.
“Following the revocation of the licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc by the Central Bank of Nigeria (CBN) on December 15, 2025, the Nigeria Deposit Insurance Corporation (NDIC) was 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. It is in this regard that the NDIC announces the following to the banks’ depositors and the general public.
“In line with Section 55, subsections 1 & 2 of the NDIC Act 2023, the Corporation has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc. Accordingly, the verification and payment of insured deposits to depositors of the closed banks have begun,” NDIC disclosed.
According to the NDIC, depositors will 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 will be automatically credited.
In addition, depositors with balances in excess of ₦2,000,000 will 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, the Corporation will commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums.
Further information from the NDIC showed that verification and processing of depositors’ claims may be carried out online or physically as depositors are advised to submit their claims online by visiting the NDIC claims portal.
For physical submission of claims, depositors are advised to visit the nearest branch of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials will be available to attend to them.
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.
Meanwhile, debtors of the defunct banks have been advised to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.
Bamidele Famoofo is the Managing Editor of Business a.m. Newspaper, with over two decades of experience in the media industry. A seasoned journalist and editor, he brings a wealth of knowledge and leadership to the newsroom, driving impactful business and financial reporting.
