The Central Bank of Nigeria has withdrawn the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing prolonged financial weakness and repeated breaches of regulatory requirements.
In a statement issued on Monday, the apex bank said the revocation took effect from December 15, 2025, and was carried out in line with relevant provisions of the Banks and Other Financial Institutions Act and existing mortgage banking guidelines.
The CBN explained that both institutions failed to meet minimum capital requirements, lacked sufficient assets to cover liabilities, and consistently operated below acceptable capital adequacy levels.
The News Chronicle gathered that regulators had closely monitored the two mortgage banks for an extended period, with corrective measures failing to reverse their deteriorating financial positions. The decision, sources say, was taken to prevent further risks to depositors and
