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...

LAGOS EMPOWERS 200 HOUSEHOLDS.#PRESS RELEASE.

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      The Lagos State Government has empowered about 200 Guardians of Orphans and Vulnerable Children with tools to enhance their economic status in fulfilment of the present administration's promise to reduce poverty in the State.
Speaking during the presentation of the empowerment tools to representatives of the various beneficiaries at the Correctional Centre for Junior Boys, Birrel Avenue, Yaba, the State Commissioner for Youth and Social Development, Mr. Agboola Dabiri said the economic empowerment initiative had been an ongoing programme to assist different vulnerable households across the State.
According to the Dabiri, the empowerment exercise is the third phase of a process aimed at reducing families’ vulnerability to social challenges while increasing their economic independence, access to food security as well as the provision of schools and essential health services for their children.
"It is the desire of the State Government to ensure that all households in the State have sustainable income to meet the basic needs of life in alignment with the Sustainable Development Goals on poverty alleviation", he emphasised.
While reiterating the commitment of the current administration to economically strengthen each household in the State, Agboola pointed out that government, having identified the challenges posed by poverty within families, concluded that the challenge can only be eradicated through such empowerment projects.
He implored the beneficiaries to inculcate a savings habit and advised them to put into use all the work tools presented to them in order to reduce the hardship within their families.
Speaking in the same vein, the Permanent Secretary, Dr. (Mrs) Bola Balogun, explained that the Empowerment Programme will ultimately improve the economic capacity of families.
Dr. Balogun assured that the State government will ensure the empowerment programme reached as many households as possible in its continual efforts to give succour to the socially excluded households.
She urged the recipient households to appreciate the efforts of the government by focusing on the improvement of life of the children in their care.
A beneficiary of the second phase of the empowerment exercise in November 2018, Kudirat Alabi, who shared her success story, said empowerment tools she received have improved her standard of living and provided income to cater for her children.
"I appreciate the effort of the State Government in empowering households in Lagos State; the empowerment tools given to me have enabled me to feed myself and family. I have also enrolled my children back into school, hence, life has become bearable for me and my household", she asserted.
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