From Victor Osula, Abuja
The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc over persistent regulatory infractions, as part of efforts to strengthen stability in the mortgage banking sub-sector.
In a press statement dated December 16, 2025, the apex bank said the decision was taken in line with its powers under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, as well as Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.
According to the CBN, the affected institutions breached several provisions of BOFIA 2020 and the applicable mortgage banking guidelines, including failure to meet the minimum paid-up share capital required for their licence category.
The apex bank also cited insufficient assets to meet liabilities, critical undercapitalisation marked by capital adequacy ratios below prudential thresholds, and persistent non-compliance with multiple regulatory directives issued by the CBN.
The regulator explained that the action forms part of broader measures to reposition the mortgage banking sub-sector and enforce strict adherence to laws and regulatory standards across the financial system.
“The CBN remains committed to its core mandate of ensuring financial system stability,” the statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said.
