CBN Revokes Licences of Aso Savings, Union Homes

By Micheal Chukwuebuka

The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.

Statement by Acting Director Corporate Communications of the bank, Hakama Sidi Ali said the action, taken under BOFIA 2020 and the Revised Guidelines for Mortgage Banks, was due to multiple regulatory violations. These include failure to meet minimum capital requirements, insufficient assets to cover liabilities, poor capital adequacy, and non-compliance with regulatory directives.

The apex bank says the move is part of efforts to strengthen the mortgage sub-sector and ensure financial system stability.