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 NABS BENUE VIGILANTE COMMANDANT FOR ALLEGED N449.5M FRAUD.{PHOTO}.#PRESS RELEASE.

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      The Economic and Financial Crimes Commission, EFCC, Makurdi Zonal Office, has arrested one George Mbessey over allegation of conspiracy, abuse of office and diversion of public funds to the tune of N449.5million.
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Mbessey, who is the Commandant, Benue State Vigilante Group, BSVG, was arrested by operatives of the EFCC on Wednesday, May 27, 2020 in Makurdi following a petition urging the Commission to investigate a case of alleged financial recklessness against the suspect.
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The petitioners stated that, the BSVG used to receive its official funding of N20million monthly directly from the Bureau of Local Government and Chieftaincy Affairs through its official account.
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