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.

The House of Representatives Joint Committee on Petroleum Resources (Downstream and Midstream) has intervened to halt rising tensions between the Dangote Refinery group and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The joint committee on Monday summoned Alhaji Aliko Dangote and the NMDPRA leadership to present their grievances before the committee, while both sides are ordered to cease all media hostilities pending a swift investigation.

The committees, jointly led by Hon. Ikenga Imo Ugochinyere and Hon. Henry Okogie, convened an emergency meeting to address what they described as “growing tension” threatening the stability of the downstream petroleum sector.

Ugochinyere said that the intervention was necessary to prevent further escalation at a critical time when government and industry stakeholders are working to stabilise supply, pricing, and regulation in the post-subsidy era.

“The renewed tension in the downstream sector, stemming from allegations by Alhaji Aliko Dangote against the NMDPRA, demanded urgent attention,” he said.

“The committee is committed to protecting the stability achieved in the sector.”

The lawmakers have formally invited both parties to provide detailed explanations, stressing that only a full understanding of the issues will allow the National Assembly to broker lasting solutions.

The Dangote Group has appointed renowned economist and former Central Bank of Nigeria Director, Dr Mahmud Hassan, as its Group Chief Economist.

In a statement released on Monday, the Group said the appointment would strengthen its economic advisory capacity at a time of heightened global and domestic market volatility.

In his new role, Hassan will serve as the Group’s top adviser on economic strategy, market trends, and policy implications, reporting directly to the President of the Group, Aliko Dangote.

Dangote Group said Hassan brings more than 30 years of experience in economic policy formulation, financial sector regulation, and central banking to his new role.

During his long career at the CBN, he held several senior positions, including Director of the Trade and Exchange Department and Director of the Monetary Policy Department.

He also served as Secretary to the Monetary Policy Committee and as Special Assistant on Economic Policy and Research to the CBN Governor