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BREAKING: CBN Withdraws Licences of Aso Savings, Union Homes

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The Central Bank

– The Central Bank of Nigeria (CBN) has withdrawn the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.

In a statement issued Tuesday, the apex bank said the action followed persistent regulatory breaches and worsening financial conditions at the two mortgage institutions.

The CBN explained that the revocation was carried out under 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.

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