CBN Revokes Licenses of Aso Savings and Union Homes Over Breaches

The Central Bank of Nigeria (CBN) has revoked the licenses of Aso Savings and Loans PLC and Union Homes Savings and Loans PLC for breaching capital and compliance requirements. The decision was made to enforce strict compliance with relevant laws and regulatory standards in the mortgage sub-sector.

The CBN cited persistent breaches of regulatory requirements, weak capital positions, and failure to comply with supervisory directives. This action was taken under the powers conferred by the Bank and Financial Institutions Act of 2020.

The affected institutions failed to meet minimum paid-up share capital requirements and had inadequate asset cover for liabilities, leading to undercapitalization.