Abuja, Dec. 16, 2025 (NAN) – The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.
The decision was disclosed in a statement issued on Tuesday by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali.
Sidi-Ali said the action formed part of the apex bank’s ongoing efforts to reposition the mortgage sub-sector and promote strict compliance with applicable laws and regulatory standards.
According to her, the licence revocation was carried out in the exercise of the CBN’s statutory powers under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, as well as Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.
She explained that the affected institutions violated multiple provisions of both regulations.
“These violations include failure to meet the minimum paid-up share capital requirement for the category of licence granted by the CBN,” she said.
Sidi-Ali added that the banks also had insufficient assets to meet their liabilities and were critically undercapitalised, with capital adequacy ratios falling below the prudential minimum prescribed by the CBN.
She further noted that the institutions failed to comply with several regulatory directives and obligations imposed on them by the apex bank.
The CBN spokesperson reaffirmed the bank’s commitment to its core mandate of safeguarding financial system stability and strengthening confidence in Nigeria’s banking and mortgage sectors.
(NAN) (www.nannews.ng)
Emma Tochi ✔
Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.
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