MAN FOUND UNCONSCIOUS AFTER ALLEGEDLY THROWING CHILDREN FROM STOREY BUILDING IN ABA. (PHOTO).

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  DEVELOPING STORY: Man Found Unconscious After Allegedly Throwing Children From Storey Building in Aba A man was reportedly found unconscious but still breathing after allegedly falling from a storey building at New Phase of Umuobe by Barracks, Opobo Road, Obignwa, Abia State. The incident, which occurred on Thursday, has caused panic among residents of the area. Eyewitnesses told Magic FM Aba that the man allegedly threw two of his children from the building before attempting to throw down his wife. However, the circumstances surrounding the incident remain unclear. The two children were reportedly rushed to a hospital for medical attention. As of the time of filing this report, Magic FM Aba could not independently confirm their condition or whether they survived the fall. The man, who sustained an injury to the head, was still lying in front of his house and had yet to receive assistance as of the time of this report. Witnesses said he was unconscious but still breathing. Reside...
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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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