2027: INEC FACES CREDIBLE QUESTION AS AMUPITAN CONFIRMS DEAD PERSONS’ NAMES ON REGISTER. (PHOTO).

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 The credibility of the Independent National Electoral Commission (INEC) voters’ register has come under intense scrutiny ahead of the 2027 general elections, following revelations by INEC Chairman Professor Joash Amupitan that names of deceased persons remain on the register. Amupitan disclosed that names of voters who died as far back as 15 years ago are still listed, a situation critics say could undermine the integrity of the 2027 polls and lead to significant financial waste through the printing of excess ballot papers and other election logistics. The INEC chairman made the revelation while receiving the Director-General/Chief Executive Officer of the National Identity Management Commission (NIMC), Abisoye Coker-Odusote, and her management team during a courtesy visit in Abuja on Wednesday. Amupitan announced that INEC has entered into a partnership with NIMC to deliver a credible voters’ register and transparent elections. He said INEC would leverage NIMC’s robust data archi...
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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 prudential minimum.

- Non-compliance with several directives and obligations imposed by the regulator.


The statement, signed by **Hakama Sidi Ali (Mrs.), Acting Director, Corporate Communications**, emphasized: "The CBN remains committed to its core mandate of ensuring financial system stability."


These two institutions have faced longstanding challenges, including past complaints from depositors, allegations of corporate governance issues, and delisting from the Nigerian Exchange (NGX) in 2024 due to failure to submit audited accounts for over six years.


The revocation means both banks can no longer operate as licensed financial institutions. Depositors and stakeholders are advised to monitor further announcements from the CBN or the Nigeria Deposit Insurance Corporation (NDIC) regarding potential liquidation or resolution processes.

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