CBN Revokes Licenses of Aso Savings and Union Homes for Violating Regulations

The Central Bank of Nigeria (CBN) has revoked the licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc due to violations of banking regulations, including undercapitalization and non-compliance with regulatory directives. The CBN took this action to strengthen regulatory compliance in the mortgage sub-sector.

Additionally, the CBN warned the public against patronizing unlicensed microfinance banks like Zuldal Microfinance Bank. The move underscores the CBN's commitment to safeguarding Nigeria's financial system and upholding regulatory standards.