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BREAKING: CBN Withdraws Licences of Aso Savings, Union Homes
– The Central Bank of Nigeria (CBN) has withdrawn the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.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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SUNU Assurances targets N9.34bn via rights issue
SUNU Assurances Nigeria Plc has commenced a rights issue to raise N9.34bn from existing shareholders as part of efforts to strengthen its capital base and expand operations in Nigeria’s insurance sector. The company is offering 2,075,285,715 ordinary shares of 50 kobo each at N4.50 per share. According to the Company Secretary, Taiwo Kuku, the offer…
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Allgreen to invest $10bn in 80m clean cookstove rollout
Allgreen Energy NV has announced plans to invest $10bn in the rollout of 80 million clean cookstoves across Nigeria under a large-scale energy transition programme. The investment was unveiled in Lagos during a media briefing organised by GreenPlinth Africa, where stakeholders also signed a manufacturing agreement for the first batch of 24 million cookstoves. The…
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OPay expands access to N1.2bn scholarship scheme
OPay has expanded its scholarship programme with the signing of Memoranda of Understanding with four tertiary institutions across Nigeria. The new partner institutions are Benue State Polytechnic, Kogi State Polytechnic, Montgomery Polytechnic, and Alex Ekwueme Federal University. With the addition, the total number of participating institutions in the programme has increased to 24 nationwide. The initiative is a N1.2bn, 10-year…