Real estate investment in Nigeria has continued to attract thousands of hopeful homeowners and investors. Unfortunately, the mortgage sector has also become a breeding ground for sharp practices, failed allocations, intimidation, and outright fraud. Recent regulatory actions by the Central Bank of Nigeria (CBN) have once again confirmed why investors must tread with extreme caution.
This blog post highlights the serious implications of dealing with revoked mortgage institutions and what every investor must do to protect their money.
Watch the full video:
CBN REVOKES ASO SAVINGS & UNION HOMES LICENSES
The Central Bank of Nigeria has officially revoked the operating licenses of ASO Savings & Loans Plc and Union Homes Savings & Loans Plc. This decision was announced through a formal press release, citing regulatory actions carried out in line with the apex bank’s supervisory mandate.
Once a mortgage institution’s license is revoked, it loses legal authority to operate, accept deposits, sell housing units, or engage in any mortgage-related transactions. Any investment made afterward is exposed to severe risk.
WHY THIS IS DANGEROUS FOR PROPERTY INVESTORS
Many investors assume that mortgage institutions are automatically safe. Unfortunately, this assumption has cost people millions of naira.
Common complaints reported by victims include:
1. Payment for houses without allocation.
2. Endless excuses and shifting timelines.
3. Threats or intimidation when investors demand answers.
4. Total silence after payments are completed.
When a mortgage institution is no longer licensed, recovering funds becomes extremely difficult, and in some cases, impossible.
A PATTERN WE WARNED ABOUT
This is not an isolated case. Previously, we warned the public against another set of seven mortgage institutions whose licenses were also revoked. Sadly, many investors ignored these warnings and are now dealing with the consequences.
What this shows clearly is that regulatory institutions are now responding to mounting complaints from the public and the mortgage sector is undergoing long-overdue scrutiny.
WHAT TO DO IF YOU HAVE BEEN AFFECTED
If you:
1. Paid deposits or full payment for a house.
2. Were never allocated the property.
3. Faced intimidation or harassment.
4.Discovered your mortgage provider has been revoked.
HOW ENCUMBEREDPROPERTIES.COM HELPS
At EncumberedProperties.com, our mission is simple: protect real estate investors from fraud and prevent property disasters before they happen.
We provide:
1.Mortgage due diligence services
2.Property title verification
3.Fraud prevention advisory
4.Investor education and legal guidance
5.Support for victims of real estate fraud
Our platform exists to ensure that your investment decisions are based on facts—not assumptions.
STAY AHEAD WITH THE RIGHT KNOWLEDGE
One of the strongest protections against property fraud is information. That is why we created the book:
7 STEPS TO ACQUIRING A CLEAN PROPERTY TITLE: A PRACTICAL CHECKLIST
This guide equips you with:
1.The right questions to ask before paying.
2.Documents you must verify.
3.Red flags to watch out for.
4.Practical steps to avoid land and mortgage scams.
Do you need legal guidance? We provide the following services
NEGOTIATION SUPPORT (VIRTUAL OR ON-GROUND) — SEND US AN EMAIL
MORTGAGE ADVISORY & FACILITATION — SEND US A DM
LET’S WORK TOGETHER TO END REAL ESTATE FRAUD IN NIGERIA AND PROTECT YOUR HARD-EARNED MONEY
FINAL WARNING TO INVESTORS
- Do not deal with any mortgage institution whose license has been revoked.
- Do not assume approval means safety.
- Do not risk your life savings without due diligence.
Your real estate investment deserves protection!
THIS ARTICLE WAS WRITTEN BY:
Madueke Enwere
Real Estate Lawyer | Senior Police Officer | Founder, EncumberedProperties.com (the only real estate frauds prevention platform)