*Assures depositors of N2m insurance payout
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.
The liquidation process follows the revocation of the operational licenses of two primary mortgage banks by the Central Bank of Nigeria.
The CBN had revealed that the two institutions violated Section 12 of BOFIA 2020, and Section 7.3 of the revised BOFIA 2020 Act and the Revised Guidelines for Mortgage Banks in Nigeria.
However, the NDIC says in line with Section 55, subsections 1 & 2 of the NDIC Act 2023, the verification and payment of insured deposits to depositors of the closed banks have begun in earnest.
The NDIC management said depositors will be paid their insured deposits of up to the maximum amount of N2,000,000 per person, 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 NDIC noted 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 assets and recovery of debts owed to the failed banks.
The corporation said it will commence the sale of the banks’ assets and continue recovery of outstanding loans to expedite payment of uninsured sums.
“Submission of Claims: Verification and processing of depositors’ claims may be carried out online or physically.
“Online Submission of Claims: Depositors are advised to submit their claims online by visiting the NDIC claims portal, completing the digital claims form with all required information, and clicking the “Submit” button.
“Physical Submission of Claims: 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).
“Activate Transaction Alerts: Depositors are advised to ensure that transaction alerts are activated for their alternate bank accounts 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.
“Verification and Payment to Creditors: 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.
“Payment to Bank Staff: After the full payment to all depositors, payment of the deposit of staff of the defunct banks will be made from the proceeds of the sale of the banks’ assets, as liquidation dividends.
“Payments to Shareholders: 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.
“Debtors’ Repayment of Outstanding Loans: Debtors of the defunct banks are advised to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full,” the regulator clarified in a statement.