CBN Revokes Licences of Aso Savings & Loans, Union Homes Over Regulatory Breaches
[NigerianEye - Nigeria] - 16/12/2025
The Central Bank of Nigeria (CBN) has revoked the operating licences of two troubled primary mortgage banks, Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, due to ongoing violations of banking regulations and severe financial weaknesses.In a statement released on Tuesday, signed by Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank explained that the revocation was executed under its powers in Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.The (…)
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