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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EFCC ARRAIGNS TWO MEN TODAY FOR ILLEGAL OIL DEAL IN LAGOS.{PHOTO].

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    The Economic and Financial Crimes Commission, EFCC, on Wednesday, July 18, 2018 arraigned the duo of Omosehin Ipinle and Nsikak Friday before Justice Muslim. S. Hassan of the Federal High Court sitting in Ikoyi, Lagos on a three-count charge bordering on dealing in Automotive Gas Oil (AGO) without appropriate licence, an offence contrary to the Miscellaneous Offences Act, Cap MM17 Laws of the Federation of Nigeria 2004.
The defendants were charged alongside a vessel, MV D'Dove 1, and a company, Banjul Energy Limited.
Count one reads: “MV D' Dove 1, Banjul Energy Limited, Omosehin Ipinle and Nsikak Friday, on the 13th day of August, 2017 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to commit an offence to wit: dealing in 120 Metric Tonnes of Automotive Gas Oil (AGO) without appropriate licence and thereby committed an offence contrary to section 3(6) of the miscellaneous offences Act, Cap M17, Law of the Federation of Nigeria 2004 and punishable under section 1(17) of the same Act." 
The accused persons pleaded not guilty to the charge when it was read to them.
In view of their pleas, the prosecution counsel, Idris Mohammed, prayed the court for a trial date and asked that the defendants be remanded in prison custody.
However, counsel to the defendants, E. O. Ajah, prayed the court for a short adjournment for hearing of the bail application.Consequently, Justice Hassan ordered that the defendants be remanded in Ikoyi prison and adjourned the case to August 2, 2018 for hearing of the bail application
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