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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MOTORISTS STRANDED, ONE DEAD IN LAGOS-IBADAN EXPRESSWAY MULTIPLE ACCIDENTS. (PHOTO).

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 Motorists stranded, one dead in Lagos-Ibadan Expressway multiple accidents


Motorists along the Lagos-Ibadan Expressway were stranded on Wednesday morning as multiple accidents on the Kara Bridge paralysed movement along the ever-busy road. The accidents, which occurred on the Kara Bridge outward Lagos, involved container-laden heavy-duty trucks and cars.


In total, seven vehicles were involved in the two accidents. They are: Volks Wagen Bus with vehicle no KJA436YD, Nissan Urvan with registration no CO1203Rs, an articulated Mack Truck with registration number T17083LA, another Mack with no vehicle registration, a blue-coloured Iveco articulated truck with registration number KMC594ZQ, Toyota Hiace bus with registration number 14C241DT and a Sino articulated truck with registration number AAB440XC.


One person was confirmed dead and four others injured in the first leg of the accidents which happened at midnight, the Federal Road Safety Corps (FRSC) said. “The bus driver died instantly and the park association took his corpse,” Lagos Sector Commander of the FRSC, Kehinde Hamzat, said. The second leg of the accident occurred almost immediately but no life was lost.


The FRSC commander attributed the crash to overspeeding which led to loss control. FRSC officials and policemen were seen at the scene of the incident doing all they could to remove the obstruction and ease traffic. As of the time of filing this report, vehicular traffic was paralysed as motorists leaving Lagos were stranded as far as 7up area. The state’s FRSC commander urged motorists not to panic as professionals are being contacted to take care of the situation and the necessary equipment mobilised for the necessary recovery operations.


He also advised motorists who have time-bound activities to explore alternative routes or postpone their trips while the situation gets controlled.

One more photo below. 


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