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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LNSA APPREHENDED 2 CULT MEMBERS AT IMOTA DURING A RECENT MIDNIGHT PATROL.{PHOTOS}.

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      The Chairman of Lagos Neighbourhood Safety Agency, LNSA, Mr. Israel Ajao (RTD) has restated the resolve of the Agency to remain committed to its “Clean Up  Lagos” exercise, just as he disclosed that the LNSA apprehended two cult members at Imota area of the State during a recent midnight patrol.The suspects, Adebayo Oluwafemi (18) and Kehinde Olumide (19), were apprehended in the early hours of Friday with two dangerous weapons and a locally made gun in their possession.According to Ajao, the frequent complaints from the residents of Ori-Okuta in Imota area of Ikorodu was not unconnected with the activities of the arrested suspects whom he said confessed to being members of KK-Confraternity and Aiye Secret cult respectively.He decried the influence of the duo and other members of the cult groups on school children within the area, especially the students of Imota Grammar School who engaged in nefarious acts.In his words,”Most of the problems that had arisen in the past from this school and the community as a whole is traceable to the activities of these cult members who forcefully recruit students and dispossess people of their belongings”.He informed that the agency had mobilised its officials to Imota area of Ikorodu for some fact-finding and additional information on the activities of the cult groups.“The most important part of our operation is that in as much as members of the public continue to support us and provide us with useful information, we will not hesitate to extend our operation to any part of the State and arrest all evil perpetrators within the society and neighbourhood”, Ajao maintained.More photos below.

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