The Central Bank of Nigeria has withdrawn the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing breaches of applicable banking rules and supervisory standards.
The regulator said the decision reflects a broader push to strengthen discipline within the mortgage banking space and ensure strict adherence to extant laws guiding financial institutions.
According to the apex bank, the enforcement action is intended to restore confidence in the sub-sector while compelling operators to align with prudential requirements.
The CBN said it would not hesitate to sanction institutions that fall short of regulatory expectations.
Furthermore, the bank stressed that compliance remains central to its reform agenda for the housing finance market, adding that sustained oversight is necessary to protect depositors and maintain financial stability.
The CBN reaffirmed its commitment to repositioning the mortgage industry through tighter supervision and policy measures aimed at improving governance and long-term viability.