By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans PLC and Union Homes Savings and Loans PLC.

This was contained in a statement issued on Tuesday by the CBN Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the Apex Bank, the two mortgage institutions violated various Sections of BOFIA 2020 and the Revised Guidelines for Mortgage Banks in Nigeria.

The statement reads in part, “As part of its efforts to re-position the mortgage sub-sector and promote a culture of compliance with relevant laws and regulations, the Central Bank of Nigeria, in exercise of the powers conferred on it under Section 12 of BOFIA 2020, and Section 7.

“The affected institutions had violated various Sections of BOFIA 2020 and the Revised Guidelines for Mortgage Banks in Nigeria, including: Failure to meet the minimum paid-up share capital requirement for the category of the bank licence granted to them by the CBN:

Having insufficient assets to meet their liabilities; Being critically undercapitalised with a capital adequacy ratio below the prudential minimum ratio as prescribed by the CBN; and; Failure to comply with several directives and obligations imposed upon them by the CBN.

“The CBN remains committed to its core mandate of ensuring financial system stability”.

By David Torough, Abuja

President  of the Dangote Group, Alhaji Aliko Dangote, has petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged corruption and financial impropriety by the Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ahmed Farouk, prompting the anti-graft agency to announce an immediate investigation.

In the petition filed yesterday and addressed to the ICPC Chairman, Musa Adamu Aliyu (SAN), Dangote called for Farouk’s arrest, investigation and prosecution, alleging that the NMDPRA chief had lived far beyond his lawful earnings as a public servant.

Dangote alleged that Farouk spent over $7 million within six years on the education of his four children in different schools in Switzerland—an amount he said could not be justified by the official’s legitimate income. The petition reportedly listed the names of the children, their schools and the sums paid to enable the commission verify the claims.

According to Dangote, the NMDPRA boss also used his position to embezzle and divert public funds for personal gain, actions he said had contributed to protests and instability in the downstream petroleum sector. He argued that Farouk had spent his entire adult working life in public service, making the alleged expenditure a clear case of illicit enrichment.

“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement constitute gross acts of corruption,” Dangote stated, citing Section 19 of the ICPC Act, which prescribes up to five years’ imprisonment without an option of fine upon conviction.

He urged the ICPC to act decisively, stressing that the matter was already in the public domain, and pledged to provide documentary evidence to support his claims. Dangote added that a thorough probe would help safeguard the image of President Bola Ahmed Tinubu’s administration.

Confirming receipt of the petition, ICPC spokesman, Mr. John Odey, said the commission had received a formal complaint from Dangote through his lawyer against the CEO of the NMDPRA and would investigate the allegations.

“The ICPC wishes to state that the petition will be duly investigated,” Odey said in a terse statement.

Dangote, however, clarified that he was not calling for Farouk’s removal but for accountability. “He should be required to account for his actions and demonstrate that he has not compromised his position to the detriment of Nigerians,” he said, also urging the Code of Conduct Bureau and other relevant agencies to wade into the matter.

Speaking earlier at a press conference at the Dangote Petroleum Refinery, the business mogul accused the leadership of the NMDPRA of frustrating local refining through the continued issuance of petroleum product import licences despite rising domestic refining capacity. He claimed that licences covering about 7.5 billion litres of Premium Motor Spirit (PMS) had reportedly been issued for the first quarter of 2026, sustaining Nigeria’s dependence on imports and discouraging local investment.

Dangote warned that continued importation of refined products was pushing modular refineries to the brink of collapse, while benefiting entrenched interests at the expense of national development.

On fuel pricing, he assured Nigerians of further relief, announcing that PMS would sell at no more than ₦740 per litre from Tuesday, starting in Lagos, following a reduction of the refinery’s gantry price to ₦699 per litre. He said MRS filling stations would be the first to reflect the new price.

He added that the refinery had reduced its minimum purchase requirements to accommodate more marketers and was ready to deploy its Compressed Natural Gas (CNG) trucks nationwide to ensure affordability. Dangote also reiterated plans to list the Dangote Petroleum Refinery on the Nigerian Exchange to enable Nigerians to own shares.

“This refinery is for Nigerians first. I am not giving up,” he said.

As of the time of filing this report, the NMDPRA had yet to issue an official response to the allegations.

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By Tony Obiechina, Abuja

The Nigerian Deposit Insurance Corporation (NDIC) exercised its appointment as the liquidator of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of the licenses by the Central Bank of Nigeria (CBN) yesterday.

The corporation stated that its appointment as the liquidator of the defunct mortgage banks was in line with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

It maintained that in view of the development, it had commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc with the verification and payment of insured deposits to depositors based on some processes.

The NDIC stated on Verification and Payment processes that depositors of the two defunct mortgage banks would be paid their insured deposits up to the maximum amount of N2,000,000 per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate their alternate bank accounts, into which the insured sums will be automatically credited.

It clarified that depositors with balances in excess of N2,000,000 would be paid the initial insured amount, while their outstanding balances would be settled as liquidation dividends upon the realisation of the assets and recovery of debts owed to (of) the failed banks.

To ensure this, the NDIC hinted that it would commence the sale of the banks’ assets and continue recovery of outstanding loans in order to expedite payment of uninsured sums.

On submission of claims by depositors, the corporation stated that verification and processing of depositors’ claims may be carried out online or physically.

Specifically, it advised depositors to submit their claims online by visiting the NDIC claims portal at https://ndic.gov.ng/claims-verification-forms/completing the digital claims form with all required information, and clicking the “Submit” button, adding that depositors who prefer physical verification should visit the nearest branch of the closed banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, where NDIC officials will be available to attend to them.

The NDIC further clarified: “For verification of deposits and subsequent payment of insured sums, depositors are required to present Proof of account ownership; A verifiable means of identification (Driver’s License, Permanent Voter’s Card, or National Identity Card); and Details of their alternate bank account and Bank Verification Number (BVN).

On activation of transaction alerts, it advised the depositors to ensure that transaction alerts are activated for their alternate bank accounts in order to receive notifications of payments. Where alerts are not active, depositors may check their account balances using their bank’s USSD codes or by visiting their bank branches.

This is even as it advised creditors of the closed banks to submit their claims online or by visiting the nearest branch of the banks between Tuesday, December 16, 2025 and Thursday, December 30, 2025, assuring that in accordance with the provisions of the law, payment of liquidation dividends to creditors will commence after all depositors have been fully paid.

In addition, the Corporation stated payment to the defunct banks’ staff would be made after the full payment to all depositors, from the proceeds of the sale of the banks’ assets, as liquidation dividends.

On payments to the affected banks’ shareholders, the NDIC promised that after the full payment to depositors and creditors, the shareholders shall subsequently be paid from further realisation of the banks’ assets and the recovery of outstanding debts, as liquidation dividends.

It advised debtors of the defunct banks to visit the Corporation’s Asset Management Department to ensure the settlement of their indebtedness in full.