CBN Revokes Licenses of Aso Savings and Union Homes for Regulatory Breaches

The Central Bank of Nigeria (CBN) revoked the licenses of Aso Savings and Union Homes for failing to comply with regulatory requirements and having weak financial positions. This action is part of CBN's efforts to enhance the mortgage sub-sector by enforcing strict compliance with relevant laws and regulatory standards.

The affected institutions violated various sections of the Bank and Financial Institutions Act of 2020, including inadequate capitalization and undercapitalization. Aso Savings' shares were suspended by the Nigerian Exchange Limited to facilitate a share reconstruction exercise.

Hakama Sidi Ali, the CBN's Ag. Director of Corporate Communications, cited persistent breaches as the reason for the license revocation.