The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have asked the Federal High Court in Abuja to decline jurisdiction in a suit filed by Aso Savings & Loans Plc and Union Homes Savings & Loans Plc challenging the revocation of their operating licences.
This is according to proceedings at the Federal High Court on Monday, where both regulators raised preliminary objections before Justice Emeka Nwite.
The legal dispute follows the CBN’s recent withdrawal of the mortgage banks’ licences, a move that has triggered liquidation steps by the NDIC and raised concerns over depositor protection and regulatory due process.
This is according to proceedings at the Federal High Court on Monday, where both regulators raised preliminary objections before Justice Emeka Nwite.
The legal dispute follows the CBN’s recent withdrawal of the mortgage banks’ licences, a move that has triggered liquidation steps by the NDIC and raised concerns over depositor protection and regulatory due process.