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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SUBSIDY PAIN: LABOUR TALKS TOUGH, ASUU, PROTESTERS CONDEMN RELIEF PLANS.(PHOTO).

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Subsidy pain: Labour talks tough, ASUU, protesters condemn relief plans


The groaning occasioned by the removal of the fuel subsidy grew louder on Monday as the  Nigerian Labour Congress said it was ready to fight the economic pains and hardship caused by the Federal Government’s decision.


Also, university workers under the aegis of the Senior Staff Association of Nigerian Universities, the University of Lagos chapter of the  Academic Staff Union of Universities, Congress of University Academics and protesting members of the Edo Civil Society Organisations lamented the subsidy removal and it attendant pains. The varsity unions decried the situation, saying the subsidy was ’unintelligently removed.’


The National Assistant Secretary, NLC, Chris Onyeka, said the Central Working Committee of the congress would hold an important meeting today and take a position.


He said all issues around the suffering of the masses because of the recent price hike in PMS price would be addressed at the meeting.


“We are going to give the Federal Government an ultimatum. We have given them enough leverage to take care of Nigerians and make amends, but they have refused to make amends. Let them prepare themselves because we are preparing. We are ready to fight back,” he said,


Meanwhile, the Trade Union Congress has faulted plans to allow state governments to roll out palliatives to citizens to cushion the effects of the hardships caused by the removal of fuel subsidy.


President Bola Tinubu had during his inaugural address on May 29 announced the end of the fuel subsidy regime which instantly shut up the pump price of Premium Motor Spirit popularly known as petrol from N165 per litre to N540. The product currently sells for between N568 and N617 per litre.

 

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