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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HOUSE OF REPS ORDERS IMMEDIATE ARREST OF BINANCE CEO.(PHOTO).

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House Of Reps Orders Immediate Arrest Of Binance CEO.


The House of Representatives Committee on Financial Crimes has ordered the immediate arrest of the Chief Executive of Binance Holding Limited, Richard Teng and Management, for failure to appear before the committee and defend its alleged involvement in terrorism financing and money laundering.


Chairman of the Committee, Hon. Ginger Onwusibe issued the warrant of arrest on Monday when the CEO and Management again failed to appear before the committee but instead sent one Senator Ihengen, the company’s legal representative.


Ihengen, in his defence, said two top management staff of the company who arrived in the country earlier to appear before the committee were arrested by the Federal Government last week.


However, The Chairman of the committee dismissed the excuse and with a voice vote ordered the arrest of the CEO and Management.

 

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