CBN Revokes Aso, Union Homes Licenses

The Nigeria — Central Bank of Nigeria (CBN) revoked the operating licenses of Aso Savings and Loans and Union Homes Savings and Loans on December 15, 2025, due to persistent regulatory infractions, failure to meet minimum capital requirements, insufficient assets, and critical undercapitalization. This 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. Following the revocation, the Nigeria — Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator for both banks. The NDIC has commenced the liquidation process, including the verification and payment of insured deposits up to ₦2,000,000 per depositor. Depositors with balances exceeding this amount will receive the remainder as liquidation dividends after the realization of assets and recovery of outstanding loans. The CBN emphasized that this move is part of its efforts to strengthen the mortgage sub-sector and ensure financial system stability, while the NDIC is facilitating claims submission both online and physically.