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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ENUGU POLICE WARN AGAINST SELF-HELP. (PHOTO).

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 Enugu Police Warn Against Self-Help


The Enugu State Police Command has warned against the illegal practice of "Itu Mmadu n'Arụsị," commonly known as trial by ordeal.


The command's Public Relations Officer, DSP Daniel Ndukwe, stated this on his X handle on Tuesday.


Trial by ordeal is said to involve subjecting someone to a dangerous or painful experience to determine guilt or innocence.


In his statement, Ndukwe stated that trial by ordeal is a criminal offence under Nigerian laws, including the Criminal Code, Penal Code, and Criminal Code Law of Enugu State.


He wrote, "Trial by Ordeal (commonly translated in Igbo Language to mean "Itụ Mmadụ n'Arụnsị") is a criminal offence punishable by law in Chapter 20 (Section 207 to 213) of the Criminal Code, Chapter 17 (Section 214) of the Penal Code (Laws of the Federal Republic of Nigeria), and Chapter 19 (Section 189 to 195) Criminal Code Law of Enugu State.


"It may seem a good way to handle that discord, but it's never an acceptable way to do so. Hence, exercise caution and follow the path of law.


"Don’t attempt to resolve issues with another through such criminal means of self-help. Be right and do the right things."

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