The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.
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The apex bank announced the revocation in a statement issued on Tuesday in Abuja by its Acting Director of Corporate Communications, Mrs Hakama Sidi Ali.
According to the CBN, the action forms part of its efforts to reposition the mortgage sub-sector and promote strict compliance with relevant laws and regulations.
The bank explained that the decision was taken in line with the powers conferred on it by 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.
“The affected institutions violated various provisions of BOFIA 2020 and the Revised Guidelines for Mortgage Banks in Nigeria,” the CBN stated.
The violations, the apex bank said, include failure to meet the minimum paid-up share capital requirement for their licensed category; insufficient assets to meet liabilities; critical undercapitalisation, with capital adequacy ratios below the prudential minimum prescribed by the CBN; and failure to comply with several directives and obligations imposed by the regulator.
The CBN reaffirmed its commitment to its core mandate of ensuring financial system stability in the country.
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