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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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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God will punished all that have brought the union Hones to this lie level

The wicked will never go unpniished, God will punished all involved in the predicament of Union Homes

INCOMPACTIBLE MERGER/ACQUISITION AGREEMENT BETWEEN UNION HOMES SAVINGS AND LOANS PLC AND ASO SAVINGS AND LOANS PLC

In 2013, Central Bank of Nigeria (CBN) conducted Merger/Acquisition arrangement and agreement between Union Homes Savings and Loans Plc and Aso Savings and Loans Pic when Union Bank of Nigeria Plc chose to sell off all its subsidiaries in line with the Banking Policy of CBN at that period.

During the merger/acquisition arrangement, many viable and healthy organizations with the financial capacity and capability that were required to recapitalize Union Homes bidded for Union Homes Savings and Loans Plc but were all rejected. However and unfortunately, CBN which was aware of the financial position and operations of Aso Savings and Loans Plc, that she was not capable of merging/acquiring Union Homes Savings and Loans Plc, still ceded Union Homes to Aso Savings and Loans Pic's. Needless to say that the whole arrangement was dead on arrival as Aso Savings and Loans Plc inability to fulfill just one aspect of the agreement has proved the Shareholders, Depositors and investors positions right over the decision of CBN.

In the Transaction Implementation Agreement (TIA) approved by CBN between Union Homes Savings and Loans Plc and Aso Savings and Loans Plc, it was spelt out clearly that each party will fulfill her obligation as contained in the document of agreement and that the consummation of the merger/acquisition process must be done within 90 days or the agreement becomes null and void. The 90 days have expired, and its over 7 years now that Aso Savings and Loans Plc has been operating as the owner of Union Homes Savings and Loans Pic and CBN has refused to apply or implement the terms of agreement on Aso Savings and Loans Plc with respect to failing to consummate the merger process within 90 days.

In the TIA, it was stated that Aso Savings and Loans Pic must inject N5billion as a purchase consideration fee (working capital) into Union Homes Savings and Loans Ple first before take over or do anything in it. For this past 7 years, Aso Savings and Loans Plc has not injected or invested a dime in Union Homes Savings and Loans Plc but receives, controls and utilizes every funds that UHSL PLC recovers from debtors or raises from sales of UHSL Assets anyhow she likes without CBN challenging and checkmating her excesses on the bank.

CBN on her part, committed to give N12billion to Aso Savings and Loans Plc to boost the operations of Union Homes Savings and Loans Plc as a condition to the consummation of the transfer of Union Homes Savings and Loans Plc but till date CBN has failed to make the fund available for the intended purpose, thereby contributing grossly to the failure of the consummation of the Transaction Implementation Agreement.

The stripping of the bank (UHSL) assets by Aso Plc cannot be overemphasized. A bank of 27 branches with almost all the building belonging to the bank has barely 3 branches resident in the bank's buildings as at today. The bank's lands including the Wumba Land, Kuje land (Part of which has been converted and built as Aso Meadows Estate) and many others have been sold (all of which amounted to billions of naira) but no provision has been made from these moneys or invested into UHSL Pic to start of its core business.

Shockingly, a wholesome N1.6billion was recovered by the management of UHSL Plc recently but the said money has not been deployed to the bank's operations as Aso Plc determines the pace and operations of what happens in UHSL PLC.

Regrettably, CBN's attention has been drawn many times to these atrocities being carried out in UHSL PLC by Aso PLC but CBN has not done anything about IT till date which gives the impression that she is aware and in support of the atrocities.

As concerned citizens, shareholders and depositors of the bank, we are concerned about the states of the bank and the discharging of her various responsibilities which are needed to move the bank into full scale operations and provide services to the numerous customers who are waiting to access its services across the nation. But considering the above, it is evident that Aso PLC does not have the financial capacities and willingness to consummate the merger arrangement since:

(a) She has been unable to consummate merger/acquisition process within the given 90 days.

(b) She has been unable to provide the NSbillion working capital for the past 7 years. (c) Assets stripping and capital flight are the order in the bank

(d) No interest of reviving Union Homes Plc has been demonstrated at any time by Aso

Savings and Loans Plc.

The prolong impasse has brought untold hardship to innocent customers, shareholders, depositors and staffers. Debt recovery has been the only job of the staff of the organization as Aso Savings and Loans Plc has nothing to offer since 2013 and regrettably, much has been recovered that would have kick-start operations of the bank but to no avail.

In the circumstance therefore, we appeal to CBN to dissolve this unworkable merger/acquisition arrangement between Union Homes Savings and Loans Plc and Aso Savings and Loans Pic so that Union Homes Savings and Loans Plc on her own or CBN will look for capable investors who will not only inject the required capital into the bank to start operations but also enough funds that can bring returns to shareholders and depositors in no distant time.

Our request stresses on the bail out of Union Homes Savings and Loans Pic to enable her contribute appropriately to the gross domestic product of the nation. Besides, hundreds of shareholders and depositors have died without accessing their funds in Union Homes and those who are alive but are on life support cannot afford their routine drugs, food, rents, children's school fees etc. because of non-availability of funds in the bank. Your immediate care in the affairs of Union Homes Savings and Loans Plc and the demonstration of your future plan for her is higher solicited.

We look forward to your immediate and positive response. Thanks for your cooperation.

INCOMPACTIBLE MERGER/ACQUISITION AGREEMENT BETWEEN UNION HOMES SAVINGS AND LOANS PLC AND ASO SAVINGS AND LOANS PLC

In 2013, Central Bank of Nigeria (CBN) conducted Merger/Acquisition arrangement and agreement between Union Homes Savings and Loans Plc and Aso Savings and Loans Pic when Union Bank of Nigeria Plc chose to sell off all its subsidiaries in line with the Banking Policy of CBN at that period.

During the merger/acquisition arrangement, many viable and healthy organizations with the financial capacity and capability that were required to recapitalize Union Homes bidded for Union Homes Savings and Loans Plc but were all rejected. However and unfortunately, CBN which was aware of the financial position and operations of Aso Savings and Loans Plc, that she was not capable of merging/acquiring Union Homes Savings and Loans Plc, still ceded Union Homes to Aso Savings and Loans Pic's. Needless to say that the whole arrangement was dead on arrival as Aso Savings and Loans Plc inability to fulfill just one aspect of the agreement has proved the Shareholders, Depositors and investors positions right over the decision of CBN.

In the Transaction Implementation Agreement (TIA) approved by CBN between Union Homes Savings and Loans Plc and Aso Savings and Loans Plc, it was spelt out clearly that each party will fulfill her obligation as contained in the document of agreement and that the consummation of the merger/acquisition process must be done within 90 days or the agreement becomes null and void. The 90 days have expired, and its over 7 years now that Aso Savings and Loans Plc has been operating as the owner of Union Homes Savings and Loans Pic and CBN has refused to apply or implement the terms of agreement on Aso Savings and Loans Plc with respect to failing to consummate the merger process within 90 days.

In the TIA, it was stated that Aso Savings and Loans Pic must inject N5billion as a purchase consideration fee (working capital) into Union Homes Savings and Loans Ple first before take over or do anything in it. For this past 7 years, Aso Savings and Loans Plc has not injected or invested a dime in Union Homes Savings and Loans Plc but receives, controls and utilizes every funds that UHSL PLC recovers from debtors or raises from sales of UHSL Assets anyhow she likes without CBN challenging and checkmating her excesses on the bank.

CBN on her part, committed to give N12billion to Aso Savings and Loans Plc to boost the operations of Union Homes Savings and Loans Plc as a condition to the consummation of the transfer of Union Homes Savings and Loans Plc but till date CBN has failed to make the fund available for the intended purpose, thereby contributing grossly to the failure of the consummation of the Transaction Implementation Agreement.

The stripping of the bank (UHSL) assets by Aso Plc cannot be overemphasized. A bank of 27 branches with almost all the building belonging to the bank has barely 3 branches resident in the bank's buildings as at today. The bank's lands including the Wumba Land, Kuje land (Part of which has been converted and built as Aso Meadows Estate) and many others have been sold (all of which amounted to billions of naira) but no provision has been made from these moneys or invested into UHSL Pic to start of its core business.

Shockingly, a wholesome N1.6billion was recovered by the management of UHSL Plc recently but the said money has not been deployed to the bank's operations as Aso Plc determines the pace and operations of what happens in UHSL PLC.

Regrettably, CBN's attention has been drawn many times to these atrocities being carried out in UHSL PLC by Aso PLC but CBN has not done anything about IT till date which gives the impression that she is aware and in support of the atrocities.

As concerned citizens, shareholders and depositors of the bank, we are concerned about the states of the bank and the discharging of her various responsibilities which are needed to move the bank into full scale operations and provide services to the numerous customers who are waiting to access its services across the nation. But considering the above, it is evident that Aso PLC does not have the financial capacities and willingness to consummate the merger arrangement since:

(a) She has been unable to consummate merger/acquisition process within the given 90 days.

(b) She has been unable to provide the NSbillion working capital for the past 7 years. (c) Assets stripping and capital flight are the order in the bank

(d) No interest of reviving Union Homes Plc has been demonstrated at any time by Aso

Savings and Loans Plc.

The prolong impasse has brought untold hardship to innocent customers, shareholders, depositors and staffers. Debt recovery has been the only job of the staff of the organization as Aso Savings and Loans Plc has nothing to offer since 2013 and regrettably, much has been recovered that would have kick-start operations of the bank but to no avail.

In the circumstance therefore, we appeal to CBN to dissolve this unworkable merger/acquisition arrangement between Union Homes Savings and Loans Plc and Aso Savings and Loans Pic so that Union Homes Savings and Loans Plc on her own or CBN will look for capable investors who will not only inject the required capital into the bank to start operations but also enough funds that can bring returns to shareholders and depositors in no distant time.

Our request stresses on the bail out of Union Homes Savings and Loans Pic to enable her contribute appropriately to the gross domestic product of the nation. Besides, hundreds of shareholders and depositors have died without accessing their funds in Union Homes and those who are alive but are on life support cannot afford their routine drugs, food, rents, children's school fees etc. because of non-availability of funds in the bank. Your immediate care in the affairs of Union Homes Savings and Loans Plc and the demonstration of your future plan for her is higher solicited.

We look forward to your immediate and positive response. Thanks for your cooperation.

THESE ARE THE RUINS, EMBARRASSMENT AND SHAME THAT CBN & ASO SAVINGS AND LOANS PLC HAVE BROUGHT ON UNION HOMES SAVINGS AND LOANS PLC AND THE:
*CHAIRMAN - EFCC,
*MINISTER FOR FINANCE,
*DGM - SEC,
*HOUSES OF SENATE AND REPS,
*SHAREHOLDERS,
*OTHER REGULATORY BODIES
Are sitting down and willingly seeing this BROAD DAYLIGHT RAPE OF THE FIRST AND BEST MORTGAGE INSTITUTION IN WEST AFRICA IF NOT EVEN THE WHOLE AFRICA under their watch and never said or did anything to stop this evil.

THESE ARE THE RUINS, EMBARRASSMENT AND SHAME THAT CBN & ASO SAVINGS AND LOANS PLC HAVE BROUGHT ON UNION HOMES SAVINGS AND LOANS PLC AND THE:
*CHAIRMAN - EFCC,
*MINISTER FOR FINANCE,
*DGM - SEC,
*HOUSES OF SENATE AND REPS,
*SHAREHOLDERS,
*OTHER REGULATORY BODIES
Are sitting down and willingly seeing this BROAD DAYLIGHT RAPE OF THE FIRST AND BEST MORTGAGE INSTITUTION IN WEST AFRICA IF NOT EVEN THE WHOLE AFRICA under their watch and never said or did anything to stop this evil.

ISSUES ON MERGER/ACQUISITION OF UNION HOMES SAVINGS AND LOANS PLC AND ASO SAVINGS AND LOANS PLC .
During the Banking consolidation policy of the Central Bank of Nigeria under AlhajiLamidoSanusi as the Governor, it was directed that the big banks should embrace the” HOLDING COMPANY” model or an outright sale of its subsidiary to another Organization . Union Homes as a subsidiary of Union Bank went through the process of embracing different organizations that bided to take over the Bank
It was through this process, midwifed by the Central Bank of Nigeria herself (the Apex and Regulatory body) that a Merger /Integration /Acquisition template was agreed with Union Bank for Aso Savings and Loans Plc. to take charge of Union Homes. The Merger/Integration /Acquisition required the parties to fulfill certain conditions which were explicitly spelt out in the Transaction Implementation Agreement.
The Central Bank of Nigeria as the regulator stipulates that the Transaction Implementation Agreement (T.IA.) be consummated within 90 days whereby both parties will fulfill this financial obligations in the spirit of the document (see attached END DATE on page 5 of the T.I.A). Regrettably, many years have rolled by and we still do not know where we are.
The same Transaction Implementation Agreement specifically stated that Aso Savings and Loans PLC must inject N5b (Five Billion Naira ) into Union Homes Savings and Loans PLC as a purchase consideration fee to Union Homes Saving and Loan PLC (working capital) first before take over or do anything with the organization ( See attached INVESTMENT AMOUNT on page 5 of the T.I.A). As staffers and shareholders of the company, we observed a statement in the implementation of the T. I.A in the past eight years without any evident of the consummation of the said N5B (Five Billion Naira) or the transfer of ownership needed to return Union Homes Savings and Loan Plc to full banking operation.
More importantly, the Central Bank of Nigeria committed in the T.I.A. to give a loan of N12b to Aso Savings and Loans PLC to boost the operations of Union Homes Savings and Loans PLC, as a condition to the consummation of the transfer of Union Homes Saving and Loan PLc( see attached CBN LOAN on page 5 of the T.I.A). As hardworking citizens of the country who pay tax and shareholders, we are concerned about the status of our institution and the execution of the various responsibilities needed to drive the bank into full scale operations and provide services to numerous customers who are willing to access its services across the nation.
Please we are appealing to CBN to provide us with the status Audit on the ownership of Union Homes Savings and Loan PLC , the consummation of the N5b (Five Billion Naira ) initial deposit to purchase Bank and the release of the N12b ( Twelve Billion Naira ) financial accommodation by Central Bank of Nigeria (CBN).it is our opinion that if these issues have not been resolved, the merger/ acquisition Is of no effect and practically impossible.
The prolong impasse has brought untold hardship to innocent customers, our staffers and the Bank Shareholders..
Consequently our request stresses on the bailout of Union Homes Savings and Loans PLC to enable it contribute appropriately to the Gross Domestic Product of the nation.This demonstrate your care for the affairs of Union Homes Savings and Loans PLC and your future plans for her .

ISSUES ON MERGER/ACQUISITION OF UNION HOMES SAVINGS AND LOANS PLC AND ASO SAVINGS AND LOANS PLC .
During the Banking consolidation policy of the Central Bank of Nigeria under AlhajiLamidoSanusi as the Governor, it was directed that the big banks should embrace the” HOLDING COMPANY” model or an outright sale of its subsidiary to another Organization . Union Homes as a subsidiary of Union Bank went through the process of embracing different organizations that bided to take over the Bank
It was through this process, midwifed by the Central Bank of Nigeria herself (the Apex and Regulatory body) that a Merger /Integration /Acquisition template was agreed with Union Bank for Aso Savings and Loans Plc. to take charge of Union Homes. The Merger/Integration /Acquisition required the parties to fulfill certain conditions which were explicitly spelt out in the Transaction Implementation Agreement.
The Central Bank of Nigeria as the regulator stipulates that the Transaction Implementation Agreement (T.IA.) be consummated within 90 days whereby both parties will fulfill this financial obligations in the spirit of the document (see attached END DATE on page 5 of the T.I.A). Regrettably, many years have rolled by and we still do not know where we are.
The same Transaction Implementation Agreement specifically stated that Aso Savings and Loans PLC must inject N5b (Five Billion Naira ) into Union Homes Savings and Loans PLC as a purchase consideration fee to Union Homes Saving and Loan PLC (working capital) first before take over or do anything with the organization ( See attached INVESTMENT AMOUNT on page 5 of the T.I.A). As staffers and shareholders of the company, we observed a statement in the implementation of the T. I.A in the past eight years without any evident of the consummation of the said N5B (Five Billion Naira) or the transfer of ownership needed to return Union Homes Savings and Loan Plc to full banking operation.
More importantly, the Central Bank of Nigeria committed in the T.I.A. to give a loan of N12b to Aso Savings and Loans PLC to boost the operations of Union Homes Savings and Loans PLC, as a condition to the consummation of the transfer of Union Homes Saving and Loan PLc( see attached CBN LOAN on page 5 of the T.I.A). As hardworking citizens of the country who pay tax and shareholders, we are concerned about the status of our institution and the execution of the various responsibilities needed to drive the bank into full scale operations and provide services to numerous customers who are willing to access its services across the nation.
Please we are appealing to CBN to provide us with the status Audit on the ownership of Union Homes Savings and Loan PLC , the consummation of the N5b (Five Billion Naira ) initial deposit to purchase Bank and the release of the N12b ( Twelve Billion Naira ) financial accommodation by Central Bank of Nigeria (CBN).it is our opinion that if these issues have not been resolved, the merger/ acquisition Is of no effect and practically impossible.
The prolong impasse has brought untold hardship to innocent customers, our staffers and the Bank Shareholders..
Consequently our request stresses on the bailout of Union Homes Savings and Loans PLC to enable it contribute appropriately to the Gross Domestic Product of the nation.This demonstrate your care for the affairs of Union Homes Savings and Loans PLC and your future plans for her .