NDIC Announces Commencement of Liquidation Proceedings for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc,

Oru Leonard 

The Nigeria Deposit Insurance Corporation (NDIC) has announced the commencement of liquidation proceedings for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, following the revocation of their licenses by the Central Bank of Nigeria (CBN) on December 15, 2025.

Thr is as a result of 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:

NDIC has set process of as follows:

– Depositors’ Payment: Depositors will receive insured deposits up to ₦2 million per depositor, using their Bank Verification Number (BVN) to locate alternate bank accounts.
– Excess Balances: Depositors with balances exceeding ₦2 million will receive the initial insured amount, with outstanding balances settled as liquidation dividends.
– Claims Submission0: Depositors can submit claims online or physically at nearest branches of the closed banks between December 16 and December 30, 2025.
– Required Documents: Proof of account ownership, verifiable identification, and alternate bank account details with BVN.

NIDC noted that creditors will be paid after depositors have been fully settled.
– Bank staff and shareholders will receive payments from asset sales and debt recoveries.
– Debtors must settle outstanding loans with the NDIC’s Asset Management Department.

For further information or clarification, depositors and stakeholders can contact the NDIC through various channels, including email, phone numbers, or website. www.ndic.gov.ng

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: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