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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FCT TO INTRODUCE DIGITAL SECURITY SYSTEM IN COMMERCIAL VEHICLES. (PHOTOS).

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 FCT To Introduce Digital Security System In Commercial Vehicles


As part of measures to ensure safety of commuters, the FCT Administration is to introduce digital security monitoring and control system in all vehicles used for commercial purposes.


The Secretary, FCTA Transport Secretariat Ubukutom Nya stated this during the 2023 Special Marshals Sectoral Workshop, organized by the Federal Road Safety Corps (FRSC) FCT Sector Command Special Marshal.


Mr Nya explained that the digital control mechanism would ensure safety and security of commuters in the FCT.


According to him, the digital monitoring system would be made up of cameras that would be able to track vehicles .


He said people entering vehicles would scan the vehicle using their phones and scanned out while alighting from the taxi.


Mr Nya said once in the vehicles, the system would time the trip and alert the central control system if the person did not scan out at the time, he or she was supposed to disembark , an alert would be triggered.


“The idea of the digital monitoring system was part of our attention to details in providing a transportation system that would be safe and secured” he said.


Apart from being affordable, those entering a vehicle, private or mass transit of the FCT to have a peace of mind that as he enters the vehicle, he will come out safely.


This means that in real time, there will be an alarm for the search for that individual who entered the vehicle.”


Mr Nya who represented the FCT Minister Nyesom Wike also explained that the FCTA has started making plans to upgrade motor parks in the FCT to global standards to encourage mass patronage from the people as it will reduce the number of private vehicles on the roads.


Earlier, the FRSC Corps Marshal, Dauda Biu, underscored the need for the review of the road safety management activities and analyse factors that could contribute to the reduction of crashes on Nigerian roads.

More photos below. 



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