Echotitbits – Nigeria News

Tag: licence revocation

  • Court Sums Up Banking Tensions as CBN, NDIC Face Summons Over Licence Revocations

    Court Sums Up Banking Tensions as CBN, NDIC Face Summons Over Licence Revocations

    2025-12-30 18:00:00

    Reporting by The Nation indicates the dispute over the revoked operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc has moved deeper into court, with CBN and NDIC drawn into legal proceedings.

    The regulator’s action followed claims of financial distress and insolvency concerns, while NDIC began depositor verification and resolution steps as liquidator.

    The episode is significant for the mortgage-bank segment, where confidence is sensitive and depositor-protection messaging is crucial to preventing panic.

    The Guardian reported the CBN said the revocation “took effect on December 15, 2025,” citing relevant legal and regulatory provisions. Legit.ng reported that “the NDIC was appointed as liquidator,” and said depositor verification and payments were being initiated.

    Echotitbits take: The key risk is depositor confidence. If NDIC payouts are fast and communications clear, spillover stays limited; if not, rumours can spread quickly. Watch timelines for verification, payout caps, and any court orders affecting resolution steps.

    Source: The Nation — December 30, 2025 (https://thenationonlineng.net/justice-nwite-summons-cbn-ndic-over-revoked-licenses/)

    The Nation 2025-12-30

    Photo Credit: The Nation

  • Nigeria Halts Wood Exports, Revokes Licences in New Anti-Deforestation Push

    Nigeria Halts Wood Exports, Revokes Licences in New Anti-Deforestation Push

    2025-12-18 00:00:00

    In a report by Punch, the Federal Government has imposed a ban on the export of wood and allied products while revoking relevant licences, citing forest depletion and environmental damage.

    The policy is positioned as a clampdown on unsustainable logging and a bid to curb deforestation, with authorities expected to tighten enforcement at ports and along known timber routes.

    Industry players will be watching whether government pairs the restrictions with traceability standards and incentives for legal forestry and replanting.

    BusinessDay reported that the government “revoked licences” and moved to halt exports in a bid to curb forest loss. (BusinessDay)

    Vanguard also reported the ban and framed it as part of a broader strategy to curb deforestation and environmental degradation. (Vanguard)

    Analysis/Echotitbits take: Export bans can slow illegal extraction, but enforcement is the real test—especially with long supply chains linking rural loggers to coastal ports. Watch for compliance mechanisms, penalties, and whether legal timber producers get a clear pathway to operate sustainably.

    Source: Punch — December 18, 2025 (https://www.vanguardngr.com/2025/12/deforestation-fg-slams-total-ban-on-wood-export-revokes-all-existing-licenses/)

    Photo credit: Vanguard News