NDIC to pay N2m insured deposits to Aso Savings, Union Homes customers
NDIC to pay N2m insured deposits to Aso Savings, Union Homes customers
The Nigeria Deposit Insurance Corporation (NDIC) says it will pay up to N2 million insured deposits to the customers of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.
Earlier, the Central Bank of Nigeria (CBN) revoked the operating licences of the banks over violations of banking regulations.
CBN said the affected institutions had violated various sections of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the revised guidelines for Mortgage Banks in Nigeria, including failure to meet the minimum paid-up share capital requirement for the category of the bank licence granted to them by the CBN, and having insufficient assets to meet their liabilities.
In a statement on Tuesday, the NDIC said it was appointed as liquidator in line with section 12(2) of the BOFIA 2020 after the CBN withdrew the banks’ licences.
The corporation said the liquidation process had begun in accordance with section 55 (1 & 2) of the NDIC Act 2023, with verification and payment of insured deposits to depositors already underway.
“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,” the statement reads.
“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.
“Verification and processing of depositors’ claims may be carried out online or physically, as follows:
“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.”
For physical verification, depositors are advised to visit the nearest branch of the closed banks between December 16, 2025, and December 30, 2025, where NDIC officials will be available to attend to them.
The NDIC said depositors seeking verification and payment of insured funds must provide evidence 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.
“Depositors are advised to ensure that transaction alerts are activated for their alternate bank accounts in order to receive notifications of payments. Where alerts are not active, depositors may check their account balances using their banks USSD codes or by visiting their bank branches,” the corporation said.
“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.”
NDIC URGES DEBTORS TO SETTLE OUTSTANDING OBLIGATIONS
NDIC said the law provides that creditors will only be paid liquidation dividends after all depositors have been fully settled.
The statement also said staff of the closed banks would be paid from proceeds realised from asset sales after depositors are settled, while shareholders would be paid subsequently, subject to further asset realisation and debt recovery.
The corporation urged debtors of Aso Savings and Union Homes to visit the NDIC’s asset management department to settle their outstanding obligations.
NDIC also said that depositors and other stakeholders seeking additional information or clarification on claims verification and payments should reach the corporation through its official communication channels.
“The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks,” the statement added.
The corporation urged depositors to carry on with their banking activities without fear, noting that banks whose licences remain valid are safe and sound.
