The Digest:
The Nigeria Deposit Insurance Corporation will pay up to N2 million in insured deposits to each customer of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, following the Central Bank's revocation of their operating licenses.
Key Points:
- The NDIC will pay insured deposits of up to N2 million per depositor for customers of Aso Savings and Union Homes.
- The payout follows the CBN's revocation of the banks' licenses for regulatory violations and capital inadequacy.
- Depositors will be identified and paid via their Bank Verification Number (BVN) into alternate bank accounts.
- Claims can be submitted online via the NDIC portal or through physical verification at bank branches until December 30, 2025.
- Amounts exceeding N2 million will be settled later as liquidation dividends after asset sales and debt recovery.
- Creditors, staff, and shareholders will be paid in that order after depositors are fully settled.
- The NDIC assured the public that other licensed banks remain safe and urged depositors to continue normal banking activities.
Sources: TheCable
