All seems not well with Union Homes over an alleged diversion of 2.5 bilion naira compensation from Lagos State government for the demolition of their property at Abule Ado, Iyana Iba Lagos.

The properties were said to have been demolished by the Lagos State government about 12 years ago and all the parties have been going back and forth until late last year when the Lagos State government paid the said compensation.

Sources close to the firm provided graphic details of how the 2.5 billion naira was diverted to the Aso Savings, the parent body of the Union Homes.

Aso Savings was also alledged to have acquired the Union Homes through a shady arrangement , 10 years ago.





According to the source , by virtue of the terms of the Transaction Implementation Agreement, which fact is lucidly within the knowledge of the Central Bank of Nigeria (CBN) as a regulatory body in its supervisory and monitoring capacity, Aso Savings and Loans was required to inject the sum of 5 billion naira as a purchasing consideration fee into Union Homes within 90 days to consummate the merger/acquisition arrangement before it can effectively taken over and have assess to the assets of the Union Homes.

Sources said Aso Savings failed to fund the recapitalisation of the Union Homes as required and it has been operating Union Homes as the owner and massively defrauding and criminally converting the assets and funds of the Union Homes since 2013, purporting acting under the failed merger/acquisition arrangement.

It was discovered that out of the recent 2.5 billion naira compensation, which was fraudulently diverted into the Aso Savings account, about 1billion naira has gone into individuals and Lagos State officials who helped in facilitating the compensation.

Efforts to get the former Managing Director of the Union Homes to speak on the matter failed as his mobile number was not going.
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