PRESIDENT OF THE SENATE COMMENDS RESILIENCE OF NIGERIAN WORKERS.(PHOTO).

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 PRESIDENT OF THE SENATE COMMENDS RESILIENCE OF NIGERIAN WORKERS President of the Senate Godswill Akpabio has congratulated Nigerian workers on International Labour Day 2026, praising their resilience, hard work, and patriotism despite economic challenges. In his May Day message, Akpabio described workers as the true heroes of Nigeria’s democracy and the engine of the economy. He said the 10th National Assembly remains committed to improving worker welfare through a living wage, safer workplaces, pension reforms, and job creation and pointed to the passage of the new National Minimum Wage Act and ongoing welfare packages as evidence of that commitment.  The Senate President also urged both public and private employers to prioritize worker welfare, stating that a motivated workforce is key to national productivity and prosperity pledging that the Senate will continue partnering with labour unions to ensure workers’ voices are heard in policymaking, vowing not to relent until ev...
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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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