OKPOKO BUILDING COLLAPSE: ANAMBRA COMMISSIONER CONDEMNS ILLEGAL STRUCTURE, ORDERS DEMOLITION. (PHOTO). #PRESS RELEASE

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 Okpoko Building Collapse: Ojukwu Condemns Illegal Structure, Orders Demolition ‎ ‎By Chukwuka Ugokwe ‎ ‎The Anambra State Commissioner for Physical Planning and Urban Development, Bar. Chijioke Ojukwu, has on Oct 8, described the collapse of a three-storey building under construction in Okpoko, Ogbaru Local Government Area, as unfortunate. ‎ ‎The incident, which occurred in the Anata Anaba area of the town, claimed the lives of a middle-aged woman and her 14-year-old daughter, amid allegations that warnings about the safety of the building had been ignored. ‎ ‎The victims, identified as Happiness Ugoagu and her daughter, Chikaima, were reportedly asleep in their bedroom when the building collapsed onto their residence. ‎ ‎Ojukwu, who visited the scene alongside officials of the ministry, alleged that substandard materials had been used in the construction. He also disclosed that a stop-work notice had previously been served on the building. ‎ ‎Describing the structure as illegal, ...
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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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