The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing violations of the Banks and Other Financial Institutions Act 2020 and the Revised Guidelines for Mortgage Banks in Nigeria. The action was taken under Section 12 of BOFIA 2020 and Section 7.3 of the mortgage bank guidelines. The CBN pointed to failure to meet minimum paid-up share capital requirements for the licence category granted, insufficient assets to meet liabilities, a capital adequacy ratio below the CBN’s prudential minimum, and non-compliance with multiple CBN directives and obligations.
Central Bank of Nigeria 2025-12-16
Central Bank of Nigeria revokes Aso Savings and Loans and Union Homes Savings and Loans operational licences over capital and compliance breaches
The Central Bank of Nigeria revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc for violating the Banks and Other Financial Institutions Act 2020 and the Revised Guidelines for Mortgage Banks in Nigeria. The revocation was due to failure to meet minimum paid-up share capital requirements, insufficient assets to cover liabilities, a capital adequacy ratio below the prudential minimum, and non-compliance with CBN directives.