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Shell Celebrates Retirees At 4th Annual Golf Tournament In Lagos

A group section of the winners with the Vice President Deepwater and Managing Director of SNEPCo, Ronald Adams and Mutiu Sunmonu, former Managing Director of SPDC and Country Chairman of Shell Companies in Nigeria both in the middle.
L-R: Former SPDC, Deputy Managing Director, Egbert Momoh; General Manager, Shell Nigeria Exploration and Production company Limited (SNEPCo); Former Business and Government Director Jimmy Ahmed and Simbi Wabote, Former Shell Director and immediate past Executive Secretary of NCDMB during the official tee-off at Lakowe.
A Cross section of the retirees with some Shell Staff at the tournament in Lakowe.

Retired employees of Shell Nigeria celebrating a reunion at an annual golf tournament held in their honour by Shell Exploration and Production Company Limited (SNEPCo) at the picturesque Lakowe Golf Course in Lekki, Lagos. A total of 47 former employees teed off at the 4th annual golf tournament and were joined by SNEPCo leadership led by Managing Director, Ronald Adams and his wife, Pleashette Adams.

 

The tee-off was jointly performed by Ehis Uzenabor, Managing Director of the Shell Closed Pension Fund, alongside former Shell leaders: Egbert Imomoh, former Deputy Managing Director of SPDC; Jimmy Ahmed, former Business and Government Director; and Simbi Wabote, former Shell Director and immediate past Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB).

On the course, competitive spirit met seasoned skill. Dr Okuns Ohiosimuan emerged as the Overall Male Winner, playing off a handicap of 35 to return an impressive net score of 63 (-9). In the ladies’ category, Justina Dibua claimed the Overall Female Winner title with a handicap of 31 and a net score of 77 (+5). These awards were presented by Ron.

The Male and Female Runner-up prizes went to Claude Esekody and Kate Iyamu respectively, presented by Mutiu Sunmonu, former Managing Director of SPDC and Country Chair, Shell Companies in Nigeria.

“This event is not just about golf; it’s about celebrating the people who laid the foundation of our success,” Ron said. “Our retirees remain an integral part of the Shell family, and initiatives like this reflect our commitment to wellness, inclusion, and enduring relationships.”

Mutiu Sunmonu described the tournament as “awesome and refreshing,” praising the opportunity for retirees to reconnect. “It was heartwarming to see former colleagues share memories and enjoy healthy competition. The bonds built over decades clearly endure,” he noted.

In his closing remarks, retiree Rowland Ukpedor said: “Even in retirement, the spirit of golf and the friendships it fosters never fade,” and thanked Shell “for creating such a memorable experience and continued support in promoting wellbeing of retirees, sportsmanship and comradeship”

  

NAICOM Hosts Takaful Advisory Council (TAC), Reaffirms Commitment To Takaful Insurance Development

 

Amaka Obiefuna

 

 

The Takaful Advisory Council (TAC) on Thursday, December 18, 2025, paid a courtesy visit to the National Insurance Commission (NAICOM) to engage the Commission on issues relating to the growth and development of the Takaful insurance business in Nigeria.

Welcoming Members of the Council, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, commended TAC for its commitment and contributions to the development of Takaful insurance in the country. He described the meeting as an interactive session aimed at identifying areas for expansion and improvement within the Takaful insurance sub-sector.

Mr. Omosehin noted that Nigeria’s population of over 200 million people presents a significant opportunity for the growth of Takaful insurance, stressing that the market potential cuts across religious boundaries. He emphasized that the key challenge lies in harnessing this potential through increased participation and awareness. The Commissioner further praised the Council for its efforts in strengthening the Takaful insurance business.

The Commissioner further explained the structural background and core mandate of NAICOM, highlighting its responsibility to ensure industry stability, protect policyholders, and promote sustainable growth. He noted that the ongoing reforms in the insurance industry is aimed at strengthening operators and safeguarding consumers.

Mr. Omosehin also underscored the Commission’s developmental role, describing it as critical to the growth of the industry. He recalled that on July 31, 2025, President Bola Ahmed Tinubu signed into law the Nigerian Insurance Reform Act (NIIRA) 2025, which formally recognizes Takaful insurance as part of Nigeria’s insurance business framework, describing the development as a major milestone for the industry.

Earlier, the Chairman of the Takaful Advisory Council, Professor Abdulrazzaq Abdulmajeed Alaro -MNI, congratulated NAICOM’s Management on the enactment of the NIIRA 2025, describing it as unprecedented. He disclosed that the Council had formally written to the Commission to express its appreciation upon receiving the news of the new law. He described the meeting as the first of its kind, bringing together the TAC and NAICOM management to exchange ideas and perspectives.

Professor Abdulrazzaq called on NAICOM, in its capacity as the industry regulator, to continue supporting awareness creation for Takaful insurance, which he identified as a major challenge facing the sector. He advocated for the organization of retreats, workshops, and capacity-building programmes for stakeholders across the entire insurance industry, not limited to Takaful operators.

Concluding the meeting, Mr. Omosehin expressed his conviction that future growth in the insurance sector would be driven by financial inclusion-focused segments such as microinsurance, Takaful insurance, and web aggregators. He added that the engagement between NAICOM and TAC would be institutionalized as an annual meeting to further unlock the sector’s vast potential.

PenCom Unveils PenCare, Targets Worry-Free Retirement With Free Healthcare For 30,000 Retirees

Amaka Obiefuna

 

 

 

 

The National Pension Commission (PenCom) has reaffirmed its commitment to ensuring a peaceful and dignified retirement for Nigerians, announcing the pilot launch of the Pension Industry Healthcare Initiative (PenCare) in March 2026.

 

Speaking at the 2025 Pension Revolution Summit and Media Conference in Lagos on Thursday, PenCom Director General, Omolara Oloworaran, said the initiative is designed to eliminate retirees’ anxiety over medical expenses by providing free and accessible healthcare, particularly for low-income pensioners.

 

Oloworaran revealed that the Board of Trustees for PenCare has already been inaugurated, describing the scheme as a historic, industry-wide intervention. She disclosed that the pilot phase aims to enroll 30,000 retirees across Nigeria’s six geopolitical zones.

 

“Retirement should be a season of peace, not a period defined by anxiety over medical bills. I am pleased to announce that the pilot scheme will be launched in March next year, with plans to expand coverage to more retirees over time,” she said.

 

The Director General explained that PenCare forms a key pillar of the Pension Revolution 2.0 agenda, which has driven major structural reforms in the pension industry over the past year.

 

She outlined several milestones achieved by the Commission, including the full automation of critical pension processes, the introduction of accredited pension agents, and the rebranding of the Micro Pension Plan as the Personal Pension Plan to broaden coverage for artisans, traders, gig workers, and other informal sector participants.

 

Oloworaran also highlighted progress in clearing long-standing pension backlogs, noting that President Bola Ahmed Tinubu approved and disbursed ₦758 billion to settle all outstanding pension liabilities—an action she described as a clear signal that Nigeria honors its obligations to workers and retirees.

 

She assured stakeholders that the zero-waiting-time policy for approved retirement benefits, which took effect in July 2025, would be sustained to ensure immediate payment upon retirement.

 

On compliance and regulation, the DG disclosed that strengthened enforcement measures have resulted in pension recoveries of ₦4.04 billion between January and November 2025—representing a 180 percent increase compared to 2024.

 

According to her, the recent increase in capital requirements for pension operators was a strategic move to build stronger, more resilient institutions with improved risk management, enhanced expertise, and greater capacity to attract and retain skilled professionals.

Anambra biz mogul, father of Unizik dies

*Archbishop charges citizens to emulate his philanthropy
The ancient blacksmith town of Awka and steadily developing capital of Anambra State has lost one of her key pillars, Chief Michael  “German” Nwofor.
Born 95 years ago, Chief Nwofor through sheer personal hardwork, perseverance and industry rose to become one of the richest men Anambra State has ever known.
According to his friends, business associates, and partners, it was his untiring and diehard working spirit that earned him the name “German”.
The Archbishop of the Province of Niger, His Grace, Most Rev Alexander Ibezim, described the late business mogul as a friend and pillar of support to the church throughout his lifetime. He urged all to emulate his peaceful disposition, gentle character and wonderful almost limitless philosophy.
He was the President of Ozo Awka, a position earned as the most senior of this revered and most distinguished power brokers.
He took the title Ozo Enyikwonwa.
Ozo Awka remain the most powerful organization in the community. It ranks number one in the entire state.
The laws and policies of this honourable group were sacrosanct, inviolable and binding on every citizen in the community.
Nwofor had the unique honour of being honoured and decorated with two Doctorate degrees by the Nnamdi Azikiwe University (UNIZIK) same day.
He was described as pillar of the University as he gave out his estate of about forty twin duplexes for take-off about 1982. He did the same when Awka became the capital of new Anambra State.
His passing drew all his children, grandchildren and great grandchildren numbering above twenty, as well as global business friends, associates and well-wishers to Awka.
He was interred immediately according to his instructions, while the ceremonial activities would come up early in the new year.
Chief Nwofor, according to his eldest son, Barrister Kingsley Chuma Nwofor left indelible footprint in diverse business-including equipment leasing, road haulage, estate development /management, oil/gas services, hospitality services, etc, sectors in parts of the world including  United Kingdom, Abuja, Warri, Port Harcourt and Awka.
MAGGI Unveils “Taste of Christmas” Campaign, Collaborates with Qing Madi and The Loud Urban Choir

 

 

Amaka Obiefuna

 

 

MAGGI, the culinary brand from Nestlé Nigeria, has announced the launch of its festive campaign, “Taste of Christmas,” designed to celebrate the sights, sounds, and flavours that define the Nigerian Christmas experience.

 

Central to the campaign is a collaboration with Nigeria’s fast-rising pop star Qing Madi and the renowned Loud Urban Choir, resulting in a new Christmas anthem titled “Taste of Christmas.” Now available across all major music streaming platforms, the song blends contemporary sound with cultural warmth, evoking the joy of family, togetherness, and shared meals that characterize the season.

 

Extending beyond music, the Taste of Christmas campaign will roll out a curated series of festive recipes and culinary inspiration over a 12-day period. The collection features creative twists such as Coco Bongus, alongside beloved Nigerian classics, encouraging families to explore new flavours while enjoying MAGGI’s trusted range of seasonings.

 

Commenting on the campaign, Funmi Osineye, Category Manager, Culinary (MAGGI), said:“Christmas is a time when family, culture, and shared experiences come alive. With the Taste of Christmas campaign, we set out to create a platform that resonates strongly with today’s young adults while still celebrating the warmth of home. Partnering with Qing Madi and The Loud Urban Choir allows us to connect music and food in a way that feels authentic, modern, and deeply Nigerian.”

 

The campaign further reflects MAGGI’s commitment to celebrating home-grown talent, nurturing culinary creativity, and strengthening the role of food as a unifying force in Nigerian homes.
Consumers can access festive recipes, campaign content, and the “Taste of Christmas” anthem on MAGGI’s digital platforms and social media channels. Conversations around the campaign can be followed using #MAGGIChristmas.

MAGGI is a leading culinary brand from Nestlé Nigeria, committed to inspiring better cooking habits and bringing families together through delicious, nutritious meals.

Fidelity Bank Enhances Maternal And Child Healthcare Delivery At ESUTH

L-R: Public Relations Officer, Enugu State University Teaching Hospital (ESUTH), Amarachi Amusi; Team Member, Optimizers Inductees Class of 2025, Precious Uchechi-Uneke; Class Governor, Optimizers Inductees Class of 2025, Chinedu Hilary-Elijah (both of Fidelity Bank Plc); Matron, Children’s Ward ESUTH, Esther Nnaji; and Team Lead, Corporate Social Responsibility (CSR), Fidelity Bank Plc, Victoria Abuka; during the Fidelity Helping Hands Program (FHHP) outreach to ESUTH recently.

Fidelity Bank Plc has brought relief to indigent patients at the Enugu State University Teaching Hospital (ESUTH) Parklane, by offsetting medical bills and providing financial support to children battling chronic health conditions alongside donations of ante-natal kits to pregnant women.

 

The intervention, which was carried out under the bank’s Corporate Social Responsibility (CSR) initiative known as Fidelity Helping Hands Programme (FHHP), was funded and executed by newly inducted employees of the bank, the Optimizers Inductees Class, as their community impact project, with matching financial support from the bank.

 

Commenting on the outreach, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted that the initiative underscores the bank’s commitment to improving lives through targeted social interventions across its four CSR pillars.

 

“This project reflects the spirit of who we are as a bank. Beyond providing financial services, we are committed to touching lives within the communities where we operate. Today, we are donating ante-natal kits to pregnant women and also supporting indigent patients who have remained in the hospital due to unpaid bills. Some of the children also require long-term medical care, so we have given additional financial support to aid their continued treatment,” Dr Nwagboh said.

 

Whilst wishing the beneficiaries quick recovery and good health, Nwagboh described the intervention as both significant and timely, enabling many families to reunite and celebrate the festive season without the burden of outstanding hospital debts.

 

Receiving the donation, the Chief Matron of the Children’s Ward, Esther Nnaji, commended Fidelity Bank for the timely intervention, describing it as a lifeline for families grappling with rising healthcare costs.

 

“There are so many families here in desperate need. Some of the children are battling cancer, sickle cell disease and other chronic conditions. Fidelity Bank’s support will go a long way in relieving their pain. Because of what you have done, some of these children will now be able to see their siblings again,” she said.

 

Several beneficiaries expressed deep gratitude to Fidelity Bank for easing their financial burdens. Mrs. Adaeze Ilo, whose baby’s bill was cleared, said the support came at a moment of despair.

 

“After spending months in the hospital, we had no idea how to raise the money,” she said. “Fidelity Bank came through for us when we needed it the most. We are deeply grateful.”

 

Another relieved parent, Jane Anthony, whose son’s bill was cleared, said her family had already accepted that they would spend Christmas in the hospital.

 

“God used Fidelity Bank to send us home to enjoy Christmas. My heart is full.” she said.

The recent outreach to Enugu State University Teaching Hospital further highlights Fidelity Bank’s continued commitment to supporting vulnerable groups and strengthening community well-being across Nigeria through community-driven CSR efforts.

 

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

 

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

DEPOSITORS’ REIMBURSEMENT TO RECEIVE MAJOR BOOST AS  NDIC, NIBSS SET TO SIGN MOU

The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-
Bank Settlement System (NIBSS) Plc. are set to sign a Memorandum of
Understanding (MoU) aimed at ensuring a more efficient process of
reimbursement of depositors in the event of bank failure.
This development was disclosed by the Managing Director/Chief
Executive of the NDIC, Mr. Thompson Oludare Sunday, during a
courtesy visit to the Corporation’s Head Office in Abuja by the NIBSS
Executive Management team led by its Managing Director/Chief
Executive, Mr. Premier Oiwoh.
Mr. Sunday commended NIBSS for its longstanding partnership and
invaluable contributions to strengthening the Corporation’s mandate of
protecting depositors and enhancing public confidence in the banking
system. He highlighted the pivotal role played by the NIBSS in driving
digital verification processes, particularly through the deployment of the
Bank Verification Number (BVN) platform, which enabled seamless
payment to the alternate bank accounts of depositors of failed Heritage
Bank Limited.
“You have been a reliable partner and NDIC remains committed to that
partnership. Without NIBSS’s support, it would have been difficult to
achieve the milestone we attained with the closure of failed Heritage
Bank despite the impromptu nature of the arrangement. That is why it is
important for us to concretise our partnership through this MoU”, the
NDIC MD/CE stressed.
Mr. Sunday highlighted key areas to be covered by the MoU such as
real-time synchronization of NDIC’s deposit registers and electronic
records to allow for swift verification of eligible accounts during bank
resolution; expansion of disbursement channels for depositor claims to
include Mobile Money Operators (MMOs) and possible NDIC-branded
mobile interface; and investment in Single Customer View (SCV) and
interoperability infrastructure for instant validation in the event of bank
failure.

2 | Page
The NDIC Boss commended NIBSS for reforming the payments system
in Nigeria and putting it ahead of its peers in most part of the world,
adding that efforts of the NIBBS platform in mitigating frauds in the
financial system are laudable.
In his response, the NIBSS MD/CE, Mr. Premier Oiwoh, expressed
appreciation to the NDIC leadership for the sustained partnership that is
geared towards a safer and smooth payment system in Nigeria over the
years. He reaffirmed NIBSS’s full commitment to supporting the
Corporation in the delivery of its mandate of depositor protection,
emphasizing that NIBSS exists to serve Nigerians and stands ready to
provide the technological backbone required to enhance financial
system stability.
Mr. Oiwoh emphasized the critical importance of prompt and efficient
reimbursement during bank failures, noting that the NDIC’s efforts in this
regard directly contribute to public trust and financial inclusion. He
assured that his organisation is working closely with law-enforcement
agencies to proactively reinforce the safety of the nation’s payment
system, as well as strengthen its infrastructure to lower the cost of
transactions on its platforms.
The MoU between both institutions is expected to usher in a new era of
digitized, responsive, and technology-driven depositor reimbursement
process, ultimately reinforcing confidence in Nigeria’s financial safety-net
framework.
Hawwau Gambo,
Head, Communication & Public Affairs Department
December 17, 2025
www.ndic.gov.ng

NDIC Commences Liquidation Of Aso Savings, Union Homes

Following the revocation of the licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc by the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) has commenced liquidation of the two financial institutions.
NDIC was appointed as the liquidator of the defunct banks in line with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the corporation

Commencement of Liquidation:

In line with Section 55, subsections 1 & 2 of the NDIC Act 2023, the Corporation has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc. Accordingly, the verification and payment of insured deposits to depositors of the closed banks have begun as outlined below:
Verification and Payment of Depositors

Depositors will be paid their insured deposits up to the maximum amount of N2,000,000 (Two Million Naira) per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate their alternate bank accounts, into which the insured sums will be automatically credited.
Depositors with balances in excess of N2,000,000 will be paid the initial insured amount, while their outstanding balances will be settled as liquidation dividends upon the realisation of the assets and recovery of debts owed to (of) the failed banks.

To this end, the Corporation will commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums.
Submission of Claims
Verification and processing of depositors’ claims may be carried out online or physically, as follows:

Online Submission of Claims:

Depositors are advised to submit their claims online by visiting the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/ completing the digital claims form with all required information, and clicking the “Submit” button.

Physical Submission Of Claims:

Depositors who prefer physical verification are advised to visit the nearest branch of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials will be available to attend to them.
For verification of deposits and subsequent payment of insured sums, depositors are required to present:
Proof of account ownership;
A verifiable means of identification (Driver’s License, Permanent Voter’s Card, or National Identity Card); and
Details of their alternate bank account and Bank Verification Number (BVN).

Activate Transaction Alerts

Depositors are advised to ensure that transaction alerts are activated for their alternate bank accounts in order to receive notifications of payments. Where alerts are not active, depositors may check their account balances using their banks USSD codes or by visiting their bank branches.

Verification And Payment To Creditors

Creditors of the closed banks are advised to submit their claims online or by visiting the nearest branch of the banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025.
In accordance with the provisions of the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid.

Payment To Bank Staff

After the full payment to all depositors, payment of deposit of staff of the defunct banks will be made from the proceeds of the sale of the banks’ assets, as liquidation dividends.
Payments to Shareholders
Following the full payment to Depositors and Creditors, Shareholders shall subsequently be paid from further realisation of the banks’ assets and the recovery of outstanding debts, as liquidation dividends.

Debtors’ Repayment of Outstanding Loans

Debtors of the defunct banks are advised to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.

Enquiries and Further Information
For further information or clarification on claims verification and payments, depositors and other stakeholders may contact the Corporation through the following channels:

E-mail: claimscomplaints@ndic.gov.ng

Claims Resolution Department:
(Weekdays: 9:00 a.m. to 5:00 p.m.)
Telephone Numbers:
09037273810, 09038197064, 08109313326, 08104220807,

Depositors’ Reimbursement To Receive Major Boost As NDIC, NIBSS Set To Sign MOU

L – R: EXPLORING COLLABORATION: Deputy General Manager, Enterprise Support Services, Nigeria Interbank Settlement System (NIBSS), Mr Bola Enigbokan, Managing Direxctor/CE, Mr. Premier Oiwoh; Managing Director/CE, Nigeria Deposit Insurance Corporation, Mr. Thompson Oludare Sunday; and ED (Corporate Services, Emily Osuji during a courtesy visit by NIBSS Management team to the NDIC.
The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc. are set to sign a Memorandum of Understanding (MoU) aimed at ensuring a more efficient process of reimbursement of depositors in the event of bank failure.
This development was disclosed by the Managing Director/Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, during a courtesy visit to the Corporation’s Head Office in Abuja by the NIBSS Executive Management team led by its Managing Director/Chief Executive, Mr. Premier Oiwoh.
Mr. Sunday commended NIBSS for its longstanding partnership and invaluable contributions to strengthening the Corporation’s mandate of protecting depositors and enhancing public confidence in the banking system. He highlighted the pivotal role played by the NIBSS in driving digital verification processes, particularly through the deployment of the Bank Verification Number (BVN) platform, which enabled seamless payment to the alternate bank accounts of depositors of failed Heritage Bank Limited.
“You have been a reliable partner and NDIC remains committed to that partnership. Without NIBSS’s support, it would have been difficult to achieve the milestone we attained with the closure of failed Heritage Bank despite the impromptu nature of the arrangement. That is why it is important for us to concretise our partnership through this MoU”, the NDIC MD/CE stressed.
Sunday highlighted key areas to be covered by the MoU such as real-time synchronization of NDIC’s deposit registers and electronic records to allow for swift verification of eligible accounts during bank resolution; expansion of disbursement channels for depositor claims to include Mobile Money Operators (MMOs) and possible NDIC-branded mobile interface; and investment in Single Customer View (SCV) and interoperability infrastructure for instant validation in the event of bank failure.
The NDIC Boss commended NIBSS for reforming the payments system in Nigeria and putting it ahead of its peers in most part of the world, adding that efforts of the NIBBS platform in mitigating frauds in the financial system are laudable.
In his response, the NIBSS MD/CE, Mr. Premier Oiwoh, expressed appreciation to the NDIC leadership for the sustained partnership that is geared towards a safer and smooth payment system in Nigeria over the years. He reaffirmed NIBSS’s full commitment to supporting the Corporation in the delivery of its mandate of depositor protection, emphasizing that NIBSS exists to serve Nigerians and stands ready to provide the technological backbone required to enhance financial system stability.
Mr. Oiwoh emphasized the critical importance of prompt and efficient reimbursement during bank failures, noting that the NDIC’s efforts in this regard directly contribute to public trust and financial inclusion. He assured that his organisation is working closely with law-enforcement agencies to proactively reinforce the safety of the nation’s payment system, as well as strengthen its infrastructure to lower the cost of transactions on its platforms.
The MoU between both institutions is expected to usher in a new era of digitized, responsive, and technology-driven depositor reimbursement process, ultimately reinforcing confidence in Nigeria’s financial safety-net framework.
NDIC Begins Liquidation Pays Insured Deposits to Aso Savings, Union Homes Customers

By Fidelia Okafor 

 

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation 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 (CBN) on December 15, 2025.

In a statement to depositors and the general public, the NDIC said it was appointed liquidator of the two defunct primary mortgage banks in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, and has already begun the process of verifying and paying insured deposits.

The Corporation explained that the liquidation is being carried out pursuant to Section 55 (1 and 2) of the NDIC Act 2023, which mandates it to reimburse insured depositors of failed banks without delay.

Under the arrangement, depositors of Aso Savings and Union Homes will be paid up to the maximum insured limit of ₦2 million per depositor. Payments will be processed automatically using customers’ Bank Verification Numbers (BVN) to locate their alternate bank accounts, into which the insured sums will be credited.

Depositors with balances above ₦2 million will first receive the insured amount, while the outstanding portion of their funds will be settled later as liquidation dividends, subject to the realisation of the banks’ assets and recovery of outstanding debts. To fast-track these payments, the NDIC said it will commence the sale of the banks’ assets and intensify loan recovery efforts.

To facilitate verification and claims processing, the NDIC has provided both online and physical submission options. Depositors can submit claims digitally through the NDIC claims portal by completing the required form.

Those who prefer physical verification are advised to visit the nearest branch of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials will be available to attend to them.

For verification and payment, depositors are required to present proof of account ownership, a valid means of identification—such as a Driver’s Licence, Permanent Voter’s Card or National Identity Card—and details of their alternate bank account and BVN.

The NDIC also urged depositors to ensure that transaction alerts are activated on their alternate accounts to enable them to receive notifications of payments. Where alerts are not active, depositors may confirm payments through USSD codes or by visiting their bank branches.

Beyond depositors, the Corporation said creditors of the defunct banks should also submit their claims within the same December 16–30 window, either online or physically.

However, payment of liquidation dividends to creditors will only commence after all depositors have been fully paid, in line with existing laws.

Payments relating to bank staff deposits will be made after depositors are settled, while shareholders will only be considered after full payment to depositors and creditors, subject to asset realisation.

The NDIC also directed debtors of the closed banks to report to its Asset Management Department to settle outstanding loans, noting that recoveries are critical to expediting liquidation payments and protecting the interests of all stakeholders.