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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INEC DECLARES ALEX OTTI AS THE NEW GOVERNOR OF ABIA STATE. (PHOTO).

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Labour Party wins first governorship seat

Alex Otti of the Labour Party is now the Governor-Elect of Abia State.

Otti polled a total of 175, 467 votes defeat his closest rival, Chief Okey Ahiwe of the ruling Peoples Democratic Party who scored 88,529 votes.

Enyinnaya Nwafor of the Young Peoples Party, YPP, came third with 28,972 votes.

Returning Officer and Vice Chancellor of the Federal University of Technology Owerri, FUTO, Professor Nnenna Oti, subsequently declared Otti the Governor-elect having polled the highest number of votes and satisfied all necessary conditions.

 

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