The Central Bank of Nigeria (CBN) has officially withdrawn the operating licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, effectively bringing an end to their operations as primary mortgage banks in the country.
The decision was made public in a statement released on Tuesday by the Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali. According to the apex bank, the action followed a thorough regulatory review which revealed persistent non-compliance with banking regulations, as well as signs of severe financial instability within the affected institutions.
The CBN explained that the revocation was necessary to protect depositors, maintain confidence in the financial system, and uphold the integrity of Nigeria’s banking sector. Over time, both institutions reportedly failed to meet key regulatory requirements despite repeated supervisory interventions and opportunities to correct their deficiencies.
The apex bank reiterated its commitment to enforcing strict regulatory standards across all financial institutions and assured the public that appropriate measures would be taken to safeguard customers’ interests. The CBN also emphasized that it will continue to monitor other institutions closely to ensure stability and transparency within the financial system.
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