The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.

In a press release issued on December 16, 2025, signed by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, the apex bank said the decision was taken under its powers as provided in 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.

According to the CBN, the affected institutions failed to meet the minimum paid-up share capital requirement applicable to their licence category.

The banks were also found to have insufficient assets to cover their liabilities, raising concerns about their ability to meet obligations to customers and other stakeholders.

The regulator further noted that both mortgage banks were critically undercapitalised, with capital adequacy ratios falling below the prudential minimum prescribed by the CBN.

Additionally, the institutions failed to comply with several regulatory directives and obligations despite repeated interventions.

The revocation, the CBN said, forms part of its broader efforts to reposition the mortgage sub-sector, strengthen regulatory compliance, and safeguard the stability of Nigeria’s financial system.

“The Central Bank of Nigeria remains committed to its core mandate of ensuring financial system stability,” the statement added.