CBN Revokes Aso Savings, Union Homes Licences, NDIC Begins Verification, Depositor Payments
- The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Union Homes
- The apex bank announced the revocation in a statement posted on its website on Tuesday, November 16, 2025
- Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has commenced verification and depositor payment
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigeria Deposit Insurance Corporation (NDIC) has begun the verification and payment of insured deposits to customers of 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 (CBN).
The development marks the formal commencement of the liquidation process for the two mortgage banks and signals the activation of statutory protections for depositors affected by the closures.
Source: Original
CBN revokes licences, NDIC appointed liquidator
The CBN withdrew the licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc on December 15, 2025. Following this decision, the NDIC was appointed as liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
In a statement titled “Notice to Depositors of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc (In-Liquidation)”, the NDIC said the liquidation process had commenced in accordance with Sections 55(1) and (2) of the NDIC Act 2023.
Insured deposits to be paid immediately
According to the Corporation, eligible depositors will receive insured payments of up to N2 million per depositor.
The NDIC explained that payments will be made using Bank Verification Numbers (BVN) to identify depositors and trace their alternate bank accounts, into which the insured sums will be credited automatically.
Depositors with balances above the insured limit will receive the initial N2 million first, while the remaining funds will be paid later as liquidation dividends.
These additional payments will depend on how much is realised from the sale of the banks’ assets and the recovery of outstanding loans.
To speed up the process, the NDIC said it would intensify asset disposal and debt recovery efforts.
How depositors can verify their claims
The NDIC outlined two options for verification: online and physical. For online verification, depositors are required to visit the NDIC claims portal, complete the digital claims form, and submit the necessary information electronically.
Those opting for physical verification can visit the nearest branch of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials will attend to them.
For successful verification and payment, depositors must present proof of account ownership, a valid means of identification such as a National ID card, Permanent Voter’s Card or driver’s licence, their BVN, and details of an alternate bank account.
Creditors, staff and shareholders next in line
The NDIC also invited creditors of the affected banks to submit their claims within the same verification period, either online or physically.
However, it stressed that liquidation dividends will only be paid to creditors after all depositors have been fully settled.
Payments to staff of the defunct banks will follow, funded from proceeds realised from asset sales.
Shareholders will be the last to be considered, and only after depositors, creditors and staff obligations have been fully met.
NDIC warns loan defaulters
The Corporation reminded debtors of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc to promptly repay their outstanding loans.
Source: Twitter
Defaulters were advised to visit the NDIC’s Asset Management Department to regularise their obligations, as loan recoveries form a key part of the liquidation process.
The NDIC said the steps being taken are aimed at protecting depositors, ensuring orderly liquidation, and maintaining confidence in Nigeria’s financial system.
CBN revokes banking license of Heritage Bank
Legit.ng earlier reported that the CBN has revoked the license of Heritage Bank Plc with immediate effect.
The move, announced in a statement on Monday, June 3, 2024, is part of the CBN's ongoing efforts to maintain a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The statement signed by Hakama Sidi Ali, the Acting Director of Corporate Communications CBN, added that the revocation was executed after Heritage Bank breached Section 12 (1) of BOFIA 2020.
Source: Legit.ng
