CBN Revokes Aso Savings and Union Homes Licences, NDIC Begins Verification and Depositor Payments

The Central Bank of Nigeria (CBN) has revoked the operating licenses of Aso Savings and Loans PLC and Union Homes Savings and Loans PLC, leading to the commencement of the liquidation process overseen by the Nigeria Deposit Insurance Corporation (NDIC). Depositors are set to receive insurance payments of up to N2 million per depositor, with further payments dependent on asset sales and loan recoveries.

NDIC has initiated verification processes for depositors to claim their funds either online or physically at designated locations within a specified period.