Oluwatobi Adu 
ABUJA, Nigeria – The Central Bank of Nigeria revokes the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, tightening oversight to protect stability in the mortgage finance sector.
The decision, announced on Tuesday in Abuja, follows prolonged regulatory breaches and financial weaknesses at the two institutions, according to a statement by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali.
The apex bank says the action aligns with its mandate to strengthen the financial system and enforce strict compliance with regulatory standards. “The affected institutions violated various provisions of BOFIA 2020 and the Revised Guidelines for Mortgage Banks in Nigeria,” the CBN states.
Key infractions include failure to maintain minimum paid-up share capital, inadequate asset coverage, chronic under-capitalisation, weak capital adequacy ratios and persistent disregard for supervisory directives.
The CBN invokes its powers under Section 12 of the Banks and Other Financial Institutions Act 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks to withdraw the licences.
Industry analysts say the move sends a strong signal to lenders struggling to meet prudential requirements, while reassuring depositors and investors of the regulator’s resolve.
The central bank reiterates that safeguarding financial stability remains its core responsibility, adding that it will continue to act decisively against institutions that threaten confidence in the banking system.
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Edino Chubiyo Cornelius 
Koko Maxwella 