Mariam Abeeb
The Nigerian Deposit Insurance Corporation (NDIC) of its appointment as the liquidator of of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of the licenses by the Central Bank of Nigeria (CBN) on Tuesday.
The corporation stated that its appointment as the liquidator of the defunct mortgage banks was in line with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
It maintained that it in view of the development, it had commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc with the verification and payment of insured deposits to depositors based on some processes.
The NDIC stated on Verification and Payment processes that depositors of the two defunct mortgage banks would be paid their insured deposits up to the maximum amount of N2,000,000 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 N2,000,000 would be paid the initial insured amount, while their outstanding balances would be settled as liquidation dividends upon the realisation of the assets and recovery of debts owed to (of) the failed banks.
To ensure this, the NDIC hinted that it would 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 by depositors, the corporation stated that verification and processing of depositors’ claims may be carried out online or physically.
Specifically, it advised depositors 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, adding that depositors who prefer physical verification should 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.
The NDIC further clarified: “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).
On activation od transaction alerts, it advised the depositors 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.
This is even as it advised creditors of the closed banks to submit their claims online or by visiting the nearest branch of the banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, assuring that in accordance with the provisions of the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid.
In addition, the Corporation stated payment to the defunct banks’ staff would be made after the full payment to all depositors, from the proceeds of the sale of the banks’ assets, as liquidation dividends.
On payments to the affected banks’ shareholders, the NDIC promised that after the full payment to depositors and creditors, the shareholders shall subsequently be paid from further realisation of the banks’ assets and the recovery of outstanding debts, as liquidation dividends.
It advised debtors of the defunct banks to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.
The NDIC advised all the stakeholders that for further information or clarification on claims verification and payments, depositors and other stakeholders may contact it through the E-mail: claimscomplaints@ndic.gov.ng and other dedicated telephone numbers 09037273810, 09038197064, 08109313326, 08104220807, 09064657140
