Nigeria revokes mortgage lenders’ licences
Central bank says closure of Aso and Union Homes due to poor compliance culture
The Central Bank of Nigeria (CBN) has revoked the licences of two savings and loans companies for what it says were regulatory compliance failures.
In a statement on December 16, the CBN said the companies – Aso Savings & Loans and Union Homes Savings & Loans – had failed to deposit the minimum capital buffer for mortgage providers at the central bank. It added that the lenders had breached other undisclosed compliance issues.
Mortgage lenders in Nigeria are obliged to deposit at least 5 billion
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