CBN Revokes Aso Savings, Union Homes Licences

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc due to repeated regulatory violations and failure to meet prudential standards for mortgage banks. The move forms part of the CBN’s efforts to strengthen the mortgage sector and ensure compliance with financial regulations.

According to Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at CBN, the banks breached provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Guidelines for Mortgage Banks. Both were undercapitalized, had insufficient assets to cover liabilities, and failed to follow several CBN directives.

The CBN said the action is necessary to protect depositors and maintain financial system stability. Following the revocation, the Nigeria Deposit Insurance Corporation (NDIC) has initiated liquidation of the two banks. Insured depositors will receive up to ₦2 million each, while amounts above this will be paid as liquidation dividends after asset recovery.

Payments have already started, and depositors can verify claims online or at the closed bank branches from December 16 to 30, 2025. The NDIC urged depositors to provide proof of account ownership, valid ID, BVN, and alternate bank details to ensure smooth payment processing. Claims from depositors will be prioritized before creditors, in accordance with the law.

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