CBN Revokes Licenses of Aso Savings and Union Homes Due to Violations

The Central Bank of Nigeria (CBN) has revoked the operating licenses of Aso Savings and Loans PLC and Union Homes Savings and Loans PLC. This action was taken based on multiple regulatory violations and financial distress in the two primary mortgage banks.

The decision aims to promote compliance with relevant laws and regulations in the mortgage subsector. Both institutions were found in breach of various provisions, including inadequate capital requirements and insufficient asset coverage for liabilities.

The CBN also cited long-standing challenges faced by the institutions, such as governance issues and failure to submit audit accounts. The revocation is part of efforts to strengthen the mortgage industry in Nigeria.