The Nigeria Deposit Insurance Corporation (NDIC) has commenced the verification and payments of insured deposits to the Depositors of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc as part of the liquidation processes respectively.
This follows 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 and the subsequent appointment of NDIC as the liquidator in line with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Citing Section 55, subsections 1 & 2 of the NDIC Act 2023, NDIC said in a statement that the verification and payment of insured deposits to depositors of the closed banks have begun as “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.
It clarified that “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.”
On Submission of Claims, NDIC said that Verification and processing of depositors’ claims may be carried out online or physically.
According to NDIC, ” Depositors are advised to submit their claims online by visiting the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/ completing the digital claims form with all required information, and clicking the “Submit” button.
On Physical Submission of Claims, it said Depositors who prefer physical verification 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.
“For verification of deposits and subsequent payment of insured sums, depositors are required to present: Proof of account ownership; A verifiable means of identification (Driver’s License, Permanent Voter’s Card, or National Identity Card); and
Details of their alternate bank account and Bank Verification Number (BVN).”
It further advised Depositors to ensure that transaction alerts are activated for their alternate bank accounts in order to receive notifications of payments.
However, it said where alerts are not active, depositors may check their account balances using their banks USSD codes or by visiting their bank branches.
For Verification and Payment to Creditors, NDIC explained that Creditors of the closed banks are advised to submit their claims online or by visiting the nearest branch of the banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025.
“In accordance with the provisions of the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid”, it stressed.
Also, on Payment to Bank Staff, the Corporation assured that after the full payment to all depositors, payment of deposit of staff of the defunct banks would be made from the proceeds of the sale of the banks’ assets, as liquidation dividends.
“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”, it added
It advised Debtors of the defunct banks to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.
For further information or clarification on claims verification and payments, depositors and other stakeholders may contact the Corporation through the following channels: E-mail: claimscomplaints@ndic.gov.ng
Claims Resolution Department:(Weekdays: 9:00 a.m. to 5:00 p.m.)Telephone Numbers:
09037273810, 09038197064, 08109313326, 08104220807, 09064657140 Or contact: The Director, Claims Resolution Department, Nigeria Deposit Insurance Corporation, Lagos Office, 8th Floor, Mamman Kontagora House, 23A, Marina P.M.B. 12881, Lagos, Website: www.ndic.gov.ng
