NDC STATEMENT ON COURT RULING. (PHOTO). #PRESS RELEASE.

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 NDC STATEMENT ON COURT RULING Our attention has been drawn to a ruling by the Federal High Court sitting in Lokoja this morning, wherein His Lordship, Honourable Justice Isah Dashen, gave a ruling on an application filed by an unregistered association known as Peace Movement Party. The public knows that by December 2025, the Nigeria Democratic Congress  as an association complained of INEC’s refusal to register us as a political party, whereupon we proceeded to the Federal High Court. The Federal High Court upheld our constitutional right to freedom of association under the Constitution and compelled INEC to register us, which INEC did. Since then, we have started political activities, embarked on the registration of members, held congresses from ward to national levels, held conventions, and concluded primaries to all offices following INEC’s timetable. We have been fully participating in all INEC activities without let or hindrance. NDC also fielded candidates, and fully pa...
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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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