The Central Bank of Nigeria (CBN) has revoked the operational licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, effective December 15, 2025.

This decision was made in line with the CBN’s efforts to reposition the mortgage sub-sector and promote compliance with relevant laws and regulations.

The affected institutions were found to have violated various sections of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Guidelines for Mortgage Banks in Nigeria.

The breaches include failure to meet the minimum paid-up share capital requirement, insufficient assets to meet liabilities, and being critically under capitalized with a capital adequacy ratio below the prudential minimum ratio.

The CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator of the two mortgage banks and has begun payment of insured deposits to customers, up to a maximum of ₦2 million per depositor.

Depositors with balances exceeding ₦2 million will be paid later as liquidation dividends .