UMUERI CRISIS CLAIM: FALSE, ELECTION TO HOLD APRIL 8 - SAYS ANAMBRA EAST MAYOR. (PHOTO). #PRESS RELEASE

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 Umueri Crisis Claim: False, Election to Hold April 8 - Says Anambra East Mayor By Nwegbo Ifeanyi  The Anambra East LG Chairman, Hon. Ifeanyi Chinweze, has denied allegations of a leadership crisis in Umueri General Assembly, calling the statement from Ikenga Umueri Unity Forum " false and misleading. Addressing journalists, Chinweze said Umueri is peaceful, with town union elections scheduled for April 8, 2026. He claimed Ikenga Umueri Unity Forum, which issued the statement, is actually frustrating the election with selfish motives.  He distanced himself, PG Chief John Metchie, and electoral committee chairman Barr. Eugene Aghaebe from the allegations, saying they were innocent. The controversy arose after Chinweze insisted Ikenga should not hold key positions like, Secretary, and Vice President simultaneously since they have president general, considering Umueri's three quarters (Ezi, Ikenga, and Invite). The statement had been signed by dignitaries, including Chinweze...
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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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