The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing violations of banking regulations and insufficient capitalisation.
The decision, announced on Tuesday, is part of the apex bank’s ongoing efforts to strengthen the mortgage sub-sector and enforce compliance with relevant laws.
According to the CBN, the affected institutions failed to meet the minimum paid-up capital…
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