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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LIBYA DEPORTS ILLEGAL MIGRANTS BACK TO NIGERIA . (PHOTO).

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 LIBYA DEPORTS ILLEGAL MIGRANTS BACK TO NIGERIA 



On Tuesday, the Libyan authorities began the deportation of not less than 320 irregular migrants to Nigeria.


Most of the deportees were among immigrants that risked dangerous sea voyages in the hopes of reaching Europe.


These African migrants, not only Nigerians, considered the war-torn Libya as a key departure point on North Africa’s Mediterranean coast to Europe.


In 2023, the rival Libya’s rival administrations agreed on a Tripoli-based anti-immigration body to coordinate deportations of illegal  foreigners.


Mohamad Baredaa is the head of security of Libya migration agency, which is working with the International Organization for Migration (IOM) to coordinate the deportation.


Baredaa said: “We carried out on Tuesday the expulsion of 163 irregular migrants of Nigerian nationality from the Mitiga airport, including 107 women, 51 men and five children.


“160 Nigerians will be sent back to their country from Benina airport in Benghazi”, later on Tuesday.

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