The Nigeria Deposit Insurance Corporation says it will pay up to two million naira in 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.
The CBN withdrew the licences over breaches of banking regulations, including failure to meet minimum paid up share capital requirements and insufficient assets to cover liabilities, in violation of the Banks and Other Financial Institutions Act 2020 and guidelines for mortgage banks.
In a statement on Tuesday, the NDIC said it had been appointed liquidator under the law and had commenced verification and payment of insured deposits, using depositors’ Bank Verification Numbers to credit alternative bank accounts.
Also Read: Dangote Petitions ICPC Over Alleged Corruption by Petroleum Regulator
The corporation said customers with balances above two million naira would receive the insured amount first, while remaining funds would be paid later from asset sales and debt recoveries, as it urged depositors, creditors and debtors to submit claims and cooperate with the liquidation process.
Leave feedback about this
You must be logged in to post a comment.