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CBN Revokes Licences of Aso Savings and Union Homes Over Regulatory Breaches
The Central Bank of Nigeria (CBN) has revoked the licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc due to persistent regulatory violations and severe financial distress. Both institutions failed to meet minimum paid-up capital requirements, had insufficient assets to cover liabilities, and were critically undercapitalised. The banks were delisted from the Nigerian Exchange in 2024 for failing to submit audited financial statements. The CBN has advised depositors to follow updates from the Nigeria Deposit Insurance Corporation (NDIC) regarding liquidation or resolution processes.
The Central Bank of Nigeria (CBN) has revoked the licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc due to persistent regulatory violations and severe financial distress. Both institutions failed to meet minimum paid-up capital requirements, had insufficient assets to cover liabilities, and were critically undercapitalised. The banks were delisted from the Nigerian Exchange in 2024 for failing to submit audited financial statements. The CBN has advised depositors to follow updates from the Nigeria Deposit Insurance Corporation (NDIC) regarding liquidation or resolution processes.
CBN Revokes Licences of Aso Savings and Union Homes Over Regulatory Breaches
The Central Bank of Nigeria (CBN) has revoked the licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc due to persistent regulatory violations and severe financial distress. Both institutions failed to meet minimum paid-up capital requirements, had insufficient assets to cover liabilities, and were critically undercapitalised. The banks were delisted from the Nigerian Exchange in 2024 for failing to submit audited financial statements. The CBN has advised depositors to follow updates from the Nigeria Deposit Insurance Corporation (NDIC) regarding liquidation or resolution processes.
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