Central Bank of Nigeria, CBN has revoked licenses of Aso Savings and Loan PLC and Union Homes Savings and Loan PLC.
This is contained in statement by the Acting Director, Corporate Communications of the Apex Bank, Mrs Hakama Sidi Ali in Abuja
The statement said the withdrawal of the licenses is part of efforts to reposition mortgage subsector and promote a culture of compliance relevant laws and regulations.
It pointed out that the affected had violated various sections of BOFIA 2020 and the revised guidelines for mortgage banks in Nigeria.
The CBN explained that the institutions licenses are revoked for failure to meet minimum paid-up share capital requirements for the category of the bank license granted to them by CBN, insufficient assets to their liabilities and critical undercapitalization.
