CBN Revokes Licences of Aso Savings, Union Homes

Abuja, Dec. 17, 2025

The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing multiple regulatory breaches.

In a statement issued on Tuesday, the Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, said the action was taken in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Regulatory Guidelines for Mortgage Banks in Nigeria.
According to the apex bank, the affected institutions failed to meet the minimum capital requirements and were unable to maintain sufficient asset levels to cover their liabilities. Other infractions include poor capital adequacy ratios and persistent non-compliance with regulatory directives issued by the CBN.

Sidi Ali noted that the revocation of the licences forms part of the CBN’s broader efforts to sanitise and strengthen the mortgage banking sub-sector, protect depositors, and safeguard the stability of the Nigerian financial system.

The CBN reaffirmed its commitment to enforcing regulatory standards across the financial industry and warned that institutions that fail to comply with prudential requirements would face appropriate sanctions.