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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COURT JAILS TWO INTERNET FRAUDSTERS IN LAGOS.{PHOTOS}.

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   Justice Mojisola Dada of the Special Offences Court, sitting in Ikeja, Lagos has convicted and sentenced two internet fraudsters, Oguntade Idowu and Oguntimehin Samuel to one year imprisonment each.
The convicts were arraigned by the Lagos Zonal office of the Economic and Financial Crimes Commission, EFCC, on Tuesday, June 30, 2020 on different count charges before the court. While Idowu was arraigned on one-count charge bordering on possession of a car reasonably suspected to have been stolen, Samuel was arraigned on two-count charges bordering on possession of fraudulent documents.
The count-charge against Idowu read: “That you, Oguntade Idowu, sometime in 2019 in Lagos, within the jurisdiction of this Honourable court, had in your possession, Mercedes Benz C300, reasonably suspected to have been unlawfully obtained and which you do not give account to the satisfaction of court as to how you came about it and committed an offence contrary to Section 39 of the Criminal Law of Lagos State, 2015.”
He pleaded guilty to the charge preferred against him.
In view of his plea, prosecution counsel, I.A. Mohammed, reviewed the facts of the matter and prayed the court to convict him accordingly.
Delivering her judgment, Justice Dada found him guilty of the offence and sentenced him to one year imprisonment.
The Judge also fined him the sum of N500, 000.00( Five Hundred Thousand Naira) in lieu of the jail term and ordered him to forfeit the Mezcedes Benz C300 to the Federal Government.More photos below.
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