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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INEC SETS DATE, ACTIVITIES FOR FCT AREA COUNCIL ELECTIONS. (PHOTO).

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 INEC Sets Date, Activities for FCT Area Council Elections


The Independent National Electoral Commission (INEC) has announced February 21, 2026, as the date for the Federal Capital Territory (FCT) Area Council elections.


INEC Chairman, Prof. Mahmood Yakubu, disclosed this during the commission's first quarterly meeting with political parties in Abuja. Yakubu emphasized that the FCT is the only region in Nigeria where INEC conducts local government elections without caretaker committees or election irregularities, and no single party has ever secured all the seats.


Key activities for the election include:


Notice of Election: February 26, 2025.

Party Primaries: June 9–30, 2025.

Candidate Nomination Portal: Opens July 21 at 9 a.m. and closes August 11 at 6 p.m.

Final List of Candidates: Published September 22, 2025.

Campaign Period: September 24, 2025, to February 19, 2026, at midnight.


The elections will cover all designated polling units in 68 constituencies, where voters will elect six Area Council Chairpersons and 62 councilors.


Yakubu added that a detailed timetable and schedule of activities, along with the list of constituencies and elections, will be uploaded to INEC's website. The commission also plans to address other routine activities, including continuous voter registration and pending elections.

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