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. SANWO-OLU: LAGOS OPEN FOR NEW INVESTMENTS, READY FOR BUSINESS.(PHOTOS).#PRESS RELEASE

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SANWO-OLU: LAGOS OPEN FOR NEW INVESTMENTS, READY FOR BUSINESS


Lagos State Governor, Mr. Babajide Sanwo-Olu, on Monday reiterated his administration’s commitment to investments from local and international companies, saying Lagos is ready for business and open to new investments.

The Governor spoke during a courtesy visit by the management of the Daewoo Engineering and Construction Nigeria Limited, led by its Group Chairman, Mr. Jung Won Ju, at the Lagos House, Ikeja.  

Governor Sanwo-Olu assured investors that his administration will create an enabling environment for investments and businesses to grow in the State. He said the Lagos State Government is ready and willing to partner with Daewoo Engineering and Construction Nigeria Limited in automobile, real estate and technology. 

He said: “The relationship between South Korea and Nigeria dates back several decades and we all know how the Daewoo Industry is worldwide. We are aware of your strength and capacity. Lagos is ready for business and it is open for new investments. I know Daewoo Nigeria has been here for a while but this is an opportunity for you to take that relationship to another level.

“So, on this your visit, don’t let it just be a visit to show; let it be a visit of commitment and real partnership. Let it be a visit where there will be real transactions on the table that both of us can take away.

“We are here to create the enabling environment for investments and businesses to grow. So, whatever you need from our side for your investments within our means, you can be rest assured that we are willing to do it for as long as we see a mutually beneficial relationship.

“Our city is open. We are ready and willing to create that partnership with you in automobile, real estate and technology because we have a very strong and capable youth population that is dynamic. They are very professional and they are ready to work.”

Speaking earlier, Mr. Jung Won Ju, said his company will be investing in real estate and infrastructure in Nigeria, saying Lagos has been identified as one of the major investment areas because Lagos is the economic capital of Nigeria.

Also speaking, the General Manager, Contract and Business Development of Daewoo Engineering and Construction Nigeria Limited, Mr. Adekunle Ilesanmi, commended Lagos State for accommodating a lot of investments and providing an enabling environment for returns on investments.

He said: “We are going to be investing in housing, real estate and infrastructure. Daewoo has over 40 years of commitment in Nigeria. We are trying to increase our investments in the country and Lagos has been identified as one of the major investment areas because Lagos is the economic capital of Nigeria.

“The chairman is willing and has assured Mr. Governor that we will make that commitment in a short time, especially in the real estate and housing.

“It is very commendable to see Lagos State accommodating a lot of investments and giving an enabling environment to all the investors coming in and ensuring that there is a return on investments. That makes Lagos attractive because when you invest here, you are sure of a return on your investment. The government is going to support you to be able to have a return on your investment.”

 More photos below. 


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