The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.
The apex bank cited persistent regulatory infractions and deteriorating financial conditions at the two primary mortgage banks.
The CBN in a statement issued on Tuesday, said the decision was taken in line with Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.
Details shortly…