ASO Savings , Union Homes Shareholders rally to achieve seamless integration

…resolve to decisively tackle the issue of blackmail and threats by a few disgruntled staff of Union Homes

Shareholders of ASO Savings and Loans Plc and those of Union Homes Savings & Loans Plc weekend resolved to redouble their efforts to ensure that the integration processes aimed at fusing the two mortgage banks into one Mortgage Financial behemoth is achieved in record time.

This is coming on the heels of the two institutions’ Shareholders decision to tackle frontally the blackmail and threats by some few disgruntled staff of Union Homes to thwart the efforts at achieving integration because of the fear of exposure of their past official misdeeds.

In a chat with our Correspondent on Saturday, a key Shareholder of Union Homes noted that these few disgruntled staff and the so called minority shareholders who are not even up to .01 percent of the bank’s shareholders erroneously assume that the efforts at frustrating the integration process can be achieved through planting of fake stories, and negative narratives in media platforms.

“But they are making a serious mistake. Those at the helms of affairs at ASO Savings that they are planting fake stories about are solid professionals that the shareholders of the two banks and the regulatory authorities have absolute confidence in because their clean records and competencies speak for them.”

“On the contrary, the shareholder said further, “it is these blackmailers that have skeletons in their cupboard and have a lot of explanations to offer at the appropriate time.

“How can people who are in the breach of corporate governance, who have enjoyed unethical, almost 90 per cent waivers of their loans in Union Homes, which they were supposed to have paid back be talking of corporate governance. It is obvious that they are afraid of their past misdeeds. It is what they are trying to cover up by their futile attempts to thwart the integration process.”

” But we will not be distracted by their antics. The key shareholders of Union Homes are in full support of total integration of the two entities and we will ensure that we achieve it in record time, going forward. The blackmail and threats and all the fake news being planted in the media by these frustrated few will not distract us from achieving full integration.

Financial Industry watchers have expressed dismay at the activities of a few Staff of Union Home who have embarked on blackmail tactics to force the hands of ASO Savings management and distract it from achieving full integration of the two banks.

Apart from the persistent planting of false narratives and fake news on the media platforms, these few Staff have not only continued to blackmail the management, but they have followed it with direct threats.

Said a shareholder of ASO Savings: “Is it not ridiculous that some staff will be demanding for what they called N1 Million Suffering and Hardship Allowance, promising to make the banks inoperable unless their demand is met?”

“How can staff be demanding for automatic and across the board promotion followed with a threat to disrupt operations if their demands are not met”?

“The sinister plan of these frustrated staff has failed as the shareholders of the two banks are determined and have resolved to see the integration process through, ” the ASO Savings shareholder concluded.

ASO Savings and Loans Plc in 2014 acquired 92 per cent stakes in Union Homes Savings &Loans Plc for N5 billion following Union Bank Plc decision to divest of its non core firms in compliance with the Central Bank directive.

Since that acquisition, ASO Savings has commenced the integration process which is aimed at merging Union Homes and ASO Savings to form one corporate entity.