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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SARAKI DENIES TAKING STANCE ON OPPOSITION PARTY MERGER AHEAD OF ELECTIONS. (PHOTO).

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Former Senate President Bukola Saraki has clarified that he has not taken a position on the ongoing discussions about a potential merger of opposition political parties aimed at challenging the ruling All Progressives Congress (APC) in the upcoming general elections. The statement comes amid reports of prominent political figures meeting to explore forming a united front against President Bola Tinubu’s administration.


An online report had recently claimed that Saraki, a former Governor of Kwara State, dismissed the idea of joining a mega party to oppose the APC during a Peoples Democratic Party (PDP) stakeholders’ meeting in Ilorin. However, Saraki’s Media Office swiftly refuted the story in a statement signed by Yusuph Olaniyonu, calling it a fabrication and urging the public to disregard it.


The media office condemned what it described as a deliberate misrepresentation by opposition elements in Kwara State, accusing them of spinning the narrative and circulating fake quotes alongside manipulated graphics. “We believe the story came from misconception of why Dr. Saraki has refused to associate with or comment on the ongoing efforts by some politicians to form a coalition,” the statement read. It emphasized that Saraki, known for his careful and measured speech, would not make reckless statements that could invite ridicule.


“Anybody who has associated closely with Dr. Saraki will know that either in the public or private space, he does not speak carelessly,” the statement continued. “The views expressed in that news story and the concocted graphic design in circulation do not represent the position of Dr. Saraki. He has nothing to do with them.”


The office called on Nigerians to dismiss the “false claims” and “warped versions” of the story being spread online, attributing them to political adversaries in Kwara State.

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