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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– The Central Bank of Nigeria (CBN) has withdrawn the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.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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Compliance Institute Admits 1,247 New Members
The Compliance Institute, Nigeria (CIN), has inducted 1,247 compliance professionals into its membership, as regulators and industry leaders renewed calls for stronger ethical leadership and innovation across Nigeria’s public and private institutions. The inductees were admitted at the institute’s Ninth Induction and Investiture Ceremony held on Saturday at the MUSON Centre, Onikan, Lagos, a gathering…
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Nigeria Earns N37.7tn from Crude Oil Exports in Nine Months
Nigeria generated about ₦37.7 trillion from crude oil exports between January and September 2025, underscoring the commodity’s continued dominance in the country’s external trade and foreign exchange earnings. Data from the National Bureau of Statistics (NBS), contained in its Q3 2025 Foreign Trade in Goods Statistics, show that oil export receipts remained largely stable across the first three…
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Lasaco Assurance Gets Approval for N36bn Capital Raise
Lasaco Assurance Plc has obtained shareholders’ approval to raise its share capital to about N36 billion, positioning the insurer to comfortably exceed regulatory thresholds ahead of the insurance industry’s recapitalisation deadline scheduled for July 2026. The approval was granted at an Extraordinary General Meeting of the company held in Lagos, where shareholders endorsed a comprehensive…