The Nigeria Deposit Insurance Corporation started processing refunds for customers at those two mortgage banks that just got shut down by the CBN. Depositors at Aso Savings and Loans Plc and Union Homes Savings and Loans Plc can grab up to 2 million naira per person through automatic transfers using their Bank Verification Numbers, and the NDIC is handling the whole liquidation process after getting appointed as the official liquidator.
Anyone with balances over the 2 million naira cap gets the insured chunk first, and the rest comes later as liquidation dividends once the NDIC sells off assets and collects on outstanding loans. People need to file claims online or show up at the closed branches with ID and account proof before the end of the month.
The NDIC made it clear that creditors wait until depositors get paid, staff members get their deposits after that, and shareholders are dead last in line. They told everyone to chill because the rest of the banking system is fine, and debtors had better settle their loans before things get messy.
Anyone with balances over the 2 million naira cap gets the insured chunk first, and the rest comes later as liquidation dividends once the NDIC sells off assets and collects on outstanding loans. People need to file claims online or show up at the closed branches with ID and account proof before the end of the month.
The NDIC made it clear that creditors wait until depositors get paid, staff members get their deposits after that, and shareholders are dead last in line. They told everyone to chill because the rest of the banking system is fine, and debtors had better settle their loans before things get messy.
