By Ghazali Ibrahim
The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc over persistent regulatory breaches and weak financial positions.
In a press release dated December 16, 2025, signed by Hakama Sidi Ali (Mrs.), Acting Director, Corporate Communications, the apex bank said the action was taken under the powers conferred on it by 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.
According to the CBN, the revocation forms part of its broader efforts to reposition the mortgage sub-sector and promote strict compliance with applicable laws and regulations.
The affected mortgage banks were found to have violated several provisions of BOFIA 2020 and the Revised Guidelines for Mortgage Banks.
The identified infractions include failure to meet the minimum paid-up share capital requirement for their licence category, insufficient assets to cover their liabilities, and being critically undercapitalised with capital adequacy ratios below the prudential minimum prescribed by the CBN.
The apex bank also cited the institutions’ failure to comply with several regulatory directives and obligations issued by the CBN.
“The Central Bank of Nigeria remains committed to its core mandate of ensuring financial system stability,” the statement said, adding that regulatory actions would continue to be taken against institutions that undermine the safety and soundness of the financial system.
The development signals a renewed regulatory push by the CBN to strengthen Nigeria’s mortgage banking sector and protect depositors and other stakeholders from systemic risks.
