NDIC Announces N2m Payout for Aso Savings, Union Homes Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has revealed plans to pay depositors affected by the collapse of Aso Savings and Loans PLC and Union Homes Savings and Loans PLC a maximum of N2 million per depositor. The decision comes after the revocation of the bank licenses of the two institutions due to their failure to meet regulatory requirements, including weak asset positions and undercapitalization.

The payout is part of broader reforms aimed at strengthening Nigeria's mortgage banking subsector. Depositors will receive the N2 million regardless of their account type, with additional payments to be made later from liquid dividends and asset sales.

The move is to ensure a transparent and fair process for affected customers.