The Central Bank of Nigeria (CBN) has revoked the operating licences of two primary mortgage institutions, Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory violations and severe financial weaknesses.In a statement released on Tuesday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said the revocation was carried out under powers conferred by 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.

The CBN stated that the affected institutions breached multiple provisions, including failure to meet the minimum paid-up share capital requirements for their licence categories, having insufficient assets to cover liabilities, critical undercapitalisation with capital adequacy ratios below prudential minima, and non-compliance with several regulatory directives.

“This action is part of ongoing efforts to reposition the mortgage sub-sector, promote a culture of compliance with relevant laws and regulations, and ensure the stability of Nigeria’s financial system,” the statement read.

The revocation comes amid long-standing challenges for both institutions, which were delisted from the Nigerian Exchange (NGX) in 2024 for failing to submit audited financial statements for over six years.

Reports have also highlighted customer complaints over trapped deposits and governance issues.

Following the licence revocation, the institutions are no longer authorised to operate as licensed financial entities.

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process and begun payments of insured deposits up to ₦2 million per depositor.

The CBN reaffirmed its commitment to safeguarding depositors’ interests and maintaining financial system stability, adding that it will continue enforcing strict regulatory standards across the sector.

Depositors have been urged to await further guidance from the NDIC on claim settlements.

• Sachet alcohols; credit: Leadership

The Federal Government has directed an immediate suspension of all enforcement actions relating to the proposed ban on sachet alcohol and 200ml PET bottle products, pending the conclusion of consultations and the issuance of a final policy directive.

The directive was issued by the Office of the Secretary to the Government of the Federation (OSGF), following concerns raised by the House of Representatives Committee on Food and Drugs Administration and Control.

In a statement released on Monday by Terrence Kuanum, Special Adviser on Public Affairs to the Secretary to the Government of the Federation (SGF), the OSGF confirmed receipt of an official correspondence from the House Committee dated November 13, 2025.

The letter, referenced NASS/10/HR/CT.53/77 and signed by the committee’s Deputy Chairman, Hon. Uchenna Harris Okonkwo, drew attention to existing National Assembly resolutions on the matter and urged caution in the proposed enforcement.

“Accordingly, all actions, decisions, or enforcement measures relating to the proposed sachet alcohol ban are to be suspended pending the conclusion of consultations and the issuance of a final directive,” the statement said.

The OSGF further clarified that any enforcement action taken by the National Agency for Food and Drug Administration and Control (NAFDAC) or any other agency without due clearance and resolution from the Office of the Secretary to the Government of the Federation would be deemed invalid and should be disregarded by the public until an official decision is communicated.

The office assured Nigerians that it is conducting a comprehensive review of all relevant considerations, including legislative resolutions, public health concerns, economic implications, and the broader national interest, to arrive at a balanced and lawful outcome.

It added that the public would be formally informed once a final position on the proposed ban has been reached.

City FM 105.1, Lagos’ leading lifestyle radio station, has announced the official press conference for its flagship annual event.

Praise in the City 2025 (PITC 2025) – a premier gospel music concert, worship experience, and family funfair.

The press conference is scheduled for Wednesday, December 17, 2025, at 12 noon at the Radisson Blu Hotel, Ikeja GRA, Lagos.

Since launching in 2015, Praise in the City has evolved into the largest Christmas concert on the Lagos Mainland, attracting over 4,000 families each year for an uplifting atmosphere of worship, thanksgiving, and community bonding. Held annually on Boxing Day (December 26), the free event has become a beloved tradition for families seeking a meaningful and joyous end-of-year celebration.

As a key pillar of City FM’s Corporate Social Responsibility (CSR) efforts, Praise in the City extends beyond music to embody the spirit of giving. The event includes sharing gifts, meals, and joy with the less privileged, fostering unforgettable memories and social impact across Lagos.

“Praise in the City 2025: Celebrating its 10th anniversary as the largest annual praise concert and family funfair on the Lagos mainland.”

The 2025 edition promises an exciting lineup of renowned gospel artists, including:

Bidemi Olaoba, Tope Alabi, Mike Abdul, Testimony Jaga, Yinka Alaseyori, BJ Sax, Laurence and the Covenant, Lilian Nneji, Tosin Alao, Tony Adoki, and many more.

Music curation will be led by DJ Gosporella, joined by City FM’s resident DJs DJ OMG and DJ Gee Lincon, delivering a dynamic mix of praise, worship, and celebratory gospel vibes.

The press conference will reveal detailed program highlights, the full ministerial lineup, family-oriented activities, and City FM’s long-term vision for Praise in the City as a platform promoting faith, unity, and community outreach – especially meaningful as this marks the event’s 10th anniversary.

City FM extends a warm invitation to media representatives, partners, stakeholders, and the public to join the press conference and contribute to the excitement leading up to this milestone celebration.