CBN REVOKES OPERATING LICENSES OF ASO SAVINGS AND LOANS PLC AND UNION HOMES SAVINGS AND LOANS PLC. (PHOTO).

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 CBN Revokes Operating Licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc The Central Bank of Nigeria (CBN) has revoked the operational licenses of two primary mortgage banks, Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing multiple regulatory violations and financial distress. In a press release issued today, the CBN stated that the action was taken 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. The move is part of broader efforts to reposition the mortgage sub-sector and enforce compliance with laws and regulations. The affected institutions were found to have breached various provisions, including: - Failure to meet the minimum paid-up share capital requirement for their license category. - Having insufficient assets to cover liabilities. - Being critically undercapitalized, with capital adequacy ratios below the CBN's prudent...
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IN 2016 FACEBOOK WILL LAUNCH A SATELLITE,TO EXPAND INTERNET ACCESS IN AFRICA.

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                          It was reported today that Facebook Inc said yesterday monday,it would launch a satellite in partnership with France's Eutelsat Communications to bring internet access to large parts of sub-Sahara Africa.The satellite,part of Facebook's Internet.org platform to expand internet access mainly via mobile phones,is under construction and will be launched in 2016.The satellite called AMOS-6,will cover large parts of West,East and Souththern Africa.Facebook Chief Executive Mark Zuckerberg said through a facebook post that ''To connect people living in remote region,traditional connectivity infrastructure is often difficult and inefficient,so we need to invent new technologies''.One more photo below.                                         

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