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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GOV. SOLUDO VOWS TO REVIVE ONITSHA CITY.(PHOTO).#PRESS RELEASE.

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Soludo vows To Revive Onitsha City

By Okolonji Okechukwu

The Anambra State Governor, Prof Chukwuma Soludo has paid a strategic visit to the city of Onitsha and made an on the -spot assesment of specific locations in Onitsha North and South Council Areas.

The Governor, accompanied by his Deputy, Dr. Onyekachukwu Ibezim, Officials of the State Physical Planning Board, Members of the State Urban Regeneration Council, Anambra State Water Resources Management Office and other members of the State Executive Council, embarked on the strategic inspection.

The places visited by the entourage include an abandoned hotel facilitated under two previous administrations at GRA, Onitsha, encroached land meant for Judges' quarters, roads in Fegge, Onitsha that needed attention, roads, and blocked drainage system in Ochanja Market, Sakamori, Fegge Onitsha, and abandoned water schemes in the area.

Gov. Soludo during the tour said that the state government would no more tolerate impunity being perpetrated by most developers in the city of Onitsha, pointing out that developers hardly adhere to the minimum set-back allowed by the state.

The Governor cited building on top of drainages as one of causes of flooding and other challenges facing the smooth development of the city of Onitsha.

Prof. Soludo further stressed that while reconstruction of roads and other infrastructures are ongoing in the city of Onitsha and elsewhere, that people are expected to maintain a positive attitude toward the environment.

He explained that his administration is looking at a systematic masterplan for water provision, pointing out that as part of his health agenda, water and sanitation are already receiving massive attention, calling on everyone in the state to start playing their role from their homes to keep the environment sustainable. (MOI)

 

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