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Central Bank of Nigeria (CBN), has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc.

In a statement, the CBN said the action is part of efforts to reposition the mortgage sub-sector and promote 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 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, has revoked the licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc,” the apex bank said.

“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.”

The regulator said the financial institutions are critically undercapitalised with a capital adequacy ratio below the prudential minimum prescribed.

The statement said another reason for the revocation was the failure to comply with several directives and obligations imposed upon them by the apex bank.

The CBN reaffirmed its commitment to its core mandate of ensuring financial system stability.

Mortgage banks are financial institutions that provide home loans and other housing finance products, and they are strictly regulated by the CBN to protect customers and ensure the stability of Nigeria’s financial system.

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Britain has announced that it will formally bring cryptocurrency companies under the purview of its financial regulations by 2027, in a sweeping move aimed at safeguarding investors and boosting the country’s status as a global digital finance hub.

The United Kingdom (UK) government, in a statement released on Monday, December 15, said the new framework will be firm and proportionate, ensuring crypto firms play by the same rules as traditional financial services.

Under the new legislation, crypto firms will be regulated by the Financial Conduct Authority (FCA), the body that already oversees banks, insurers, and other financial institutions in the UK.

This will subject crypto companies to well-established transparency and reporting standards. The FCA is expected to publish its specific regulatory framework for the sector in 2026, ahead of full enforcement the following year.

UK Chancellor of the Exchequer, Rachel Reeves, described the move as “a crucial step in securing the UK’s position as a world-leading financial centre in the digital age.”

“By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high-skilled jobs here in the UK,” Reeves stated.

She added that the legislation will equip millions of Britons with “strong consumer protections” while “locking dodgy actors out of the UK market.”

Britain joins a growing list of jurisdictions stepping up oversight of the volatile crypto industry. The European Union rolled out similar legislation in 2023, and the United States is gradually establishing its own rules in response to mounting scrutiny.

The regulatory tightening comes in the wake of several scandals that have rocked the industry, including the collapse of major exchanges and investment platforms.

Just last week, a US court sentenced crypto mogul Do Kwon to 15 years in prison for fraud related to the downfall of his company, which wiped out an estimated $40 billion in investor funds and sent shockwaves across global markets.

With the UK’s new regulatory framework now on the horizon, industry players have roughly two years to adapt.

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A total sum of ₦1.928 trillion, being November 2025 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.

According to a statement by the Federation Account Allocation Committee (FAAC), the revenue was shared at the December 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

The ₦1.928 trillion total distributable revenue comprised distributable statutory revenue of ₦1.403 trillion, distributable Value Added Tax (VAT) revenue of ₦485.838 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦39.646 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of ₦2.343 trillion was available in the month of November 2025. Total deduction for cost of collection was ₦84.251 billion while total transfers, interventions, refunds and savings was ₦330.625 billion.

According to the communiqué, gross statutory revenue of ₦1.736 trillion was received for the month of November 2025. This was lower than the sum of ₦2.164 trillion received in the month of October 2025 by ₦427.969 billion.

Gross revenue of N563. 042 billion was available from the Value Added Tax (VAT) in November 2025. This was lower than the N719.827 billion available in the month of October 2025 by N156.785 billion.

The communiqué stated that from the N1.928 trillion total distributable revenue, the Federal Government received a total sum of N747.159 billion and the State Governments received a total sum of N601.731 billion.

The Local government Council received N445.266 billion, while the sum of N134.355 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.

On the N1.403 trillion distributable statutory revenue, the communiqué stated that the Federal Government received N668.336 billion and the State Governments received N338.989 billion.

The Local Government Councils received N261.346 billion and the sum of N134.355 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

From the N485.838 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N72.876 billion, the State Governments received N242.919 billion and the Local Government Councils received N170.043 billion.

A total sum of N5.947 billion was received by the Federal Government from the N39.646 billion Electronic Money Transfer Levy (EMTL), the State Governments received N19.823 billion and the Local Government Councils received N13.876 billion.

In November 2025, Excise Duty increased moderately while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), CIT on Upstream Activities, Companies Income Tax (CIT), CGT and SDT, Oil & Gas Royalties, Import Duty, CET Levies, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Fees recorded substantial decreases.