The Central Bank of Nigeria (CBN) has withdrawn the operational licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing repeated violations of financial regulations governing mortgage banks in the country.
The apex bank announced the decision in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications, on December 16, 2025.
Okay News reports that the revocation followed an extensive compliance review by the regulator.
According to the statement, the action was taken under Section 12 of BOFIA 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.
The CBN said both institutions breached several regulatory requirements.
The affected mortgage banks were accused of failing to meet the minimum paid up share capital required for their license category.
They also allegedly lacked sufficient assets to cover their liabilities and were described as being critically undercapitalised with a capital adequacy ratio that fell below the prudential standards set by the CBN.
The statement added that both entities failed to comply with important directives and obligations previously issued to them.
The CBN noted that the enforcement action aligns with its duty to promote a stable and sound financial system, stating that it “remains committed to its core mandate of ensuring financial system stability.”
