The Nigeria Deposit Insurance Corporation has commenced the payment of insured deposits to customers of the defunct Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of their operating licences by the Central Bank of Nigeria.
The NDIC, which has been appointed liquidator of the two mortgage banks, said eligible depositors would receive up to ₦2m per account as insured deposits, assuring that balances above the threshold would be settled later as liquidation dividends after the recovery of assets and outstanding loans.
In a statement on Monday, the corporation urged affected customers to submit their claims between December 16 and December 30, 2025, noting that payment would be based on verification of account ownership.
According to the NDIC, depositors are required to present valid means of identification, including a National Identity Card, Permanent Voter’s Card or driver’s licence, alongside details of an alternate bank account linked to their Bank Verification Number.
It also advised depositors to activate transaction alerts on their alternate accounts to ensure prompt notification of payments, adding that those without active alerts could monitor their balances via USSD codes or by visiting their banks.
“The NDIC remains committed to ensuring that depositors of failed banks are promptly paid their insured sums, while efforts continue to realise assets and recover debts for the settlement of outstanding obligations,” the statement said.
The corporation added that creditors, former staff and shareholders of the liquidated banks would be paid in phases after depositors had been fully compensated, depending on proceeds from asset sales and loan recoveries. It also directed debtors of the defunct institutions to settle their obligations with its Asset Management Department to speed up the liquidation process.
Reassuring the public, the NDIC said insured deposits in all licensed banks remained safe, urging Nigerians to continue to have confidence in the banking system.
The CBN had on December 15, 2025, revoked the licences of Aso Savings and Union Homes, citing persistent breaches of banking regulations and failure to meet prudential requirements.
In a statement signed by its Acting Director, Corporate Communications, Hakama Sidi Ali, the apex bank said the action was taken under the powers conferred on it by the Banks and Other Financial Institutions Act, 2020, and the Revised Guidelines for Mortgage Banks in Nigeria.
The regulator disclosed that the institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover liabilities and were critically undercapitalised, with capital adequacy ratios below the prescribed threshold.
The CBN said the revocation was part of broader efforts to reposition the mortgage banking sub-sector, strengthen oversight and safeguard financial system stability.
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