The Nigeria Deposit Insurance Corporation (NDIC) has began the liquidation of Aso Savings and Loans Plc as well as Union Homes Savings and Loans Plc following the revocation of their operating licences by the Central Bank of Nigeria (CBN).
In a notice issued on Tuesday, the NDIC said it was appointed liquidator of the defunct mortgage banks in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The Corporation announced that verification and payment of insured deposits to affected customers had begun.
To facilitate the process, the NDIC said depositors could submit their claims either online through its claims portal or physically at the nearest branches of the closed banks before the 30th of December, 2025.
The NDIC further stated that payments to staff of the failed banks would be made from proceeds of asset sales after depositors had been settled, while shareholders would be paid subsequently, subject to further asset realisation and debt recovery.
Edited by Favour Owonibi.