NDIC Notifies Depositors Of ASO, Union Homes As Liquidation Begins

The Nigeria Deposit Insurance Corporation (NDIC) has issued a formal notice to depositors of ASO Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of the banks’ operating licences by the Central Bank of Nigeria (CBN).

Licence revocation and NDIC’s role

The CBN withdrew the licences of the two mortgage banks on December 15, 2025. Subsequently, the NDIC was appointed as liquidator under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, paving the way for the commencement of liquidation proceedings.

Commencement of liquidation

In line with Sections 55(1) and 55(2) of the NDIC Act 2023, the corporation has commenced the liquidation of both institutions. This includes the verification of depositors and the payment of insured deposits to eligible customers of the closed banks.

Payment of insured deposits

Depositors will receive insured deposits of up to N2.0 million per depositor. Payments will be made using the Bank Verification Number (BVN) as a unique identifier to trace depositors’ alternate bank accounts, into which the insured sums will be credited automatically.

For depositors with balances above N2.0 million, the insured portion will be paid first. Outstanding balances will be settled later as liquidation dividends, subject to the realisation of the banks’ assets and recovery of outstanding loans.

Claims submission process

The NDIC stated that depositors could submit claims either online or through physical verification.

For online submission, depositors are advised to complete the digital claims form on the NDIC claims portal and submit all required information.

Those opting for physical verification may visit the nearest branch of the closed banks between Tuesday, December 16, 2025, and Tuesday, December 30, 2025, where NDIC officials will be available to attend to them.

Required documentation

For verification and payment, depositors are required to present proof of account ownership, a valid means of identification such as a driver’s licence, permanent voter’s card, or national identity card, as well as details of their alternate bank account and BVN.

Transaction alerts and payment confirmation

Depositors have been advised to activate transaction alerts on their alternate bank accounts to receive payment notifications. Where alerts are not active, account balances can be checked using bank USSD codes or by visiting bank branches.

Creditors, staff, and shareholders

According to the corporation, creditors of the defunct banks are required to submit their claims online or physically within the same verification window. The NDIC said that payment to creditors would commence only after all depositors have been fully paid, in line with statutory provisions.

The NDIC stated that staff deposits would be paid after depositors, using proceeds from asset sales. The corporation noted that shareholders would be considered only after depositors and creditors have been fully settled, subject to further asset realisation and debt recovery.

Debtors of ASO Savings and Loans Plc and Union Homes Savings and Loans Plc have been advised to contact the NDIC’s Asset Management Department to regularise and fully settle their outstanding loan obligations.

The corporation encouraged affected stakeholders to contact the NDIC for additional information or clarification regarding claims verification and deposit payments as the liquidation process continues.