Embittered Ex-Union Homes Scribe Resorts To Blackmail And Defamation As Aso Savings Foils Plans To Divert Compensation Money

Union Homes had in 1998 and 2002 granted credit facilities of N208.6 Million and N150 Million to Agric Coker Building & Plumbing Materials Association (ACBPMA) and Searaq Nigeria Ltd (Searaq) respectively for the construction of the Abule-Ado Market and Afolabi Ege Market respectively, both in Lagos.

Union Homes and these customers (Searaq and ACBPMA) had harmonized and pursued compensation claims arising from subsequent demolition of the shops by the State Government. To this end, Mrs. Maimuna Chionuma (then Union Homes Company Secretary and daughter in law of the former Managing Director of the bank) had engaged her friend’s Law Firm to pursue the claims In court. The prolonged court actions and developments yielded no result for about 12 years.

Based on her recommendations, the Bank resorted to alternative means of pursuing the compensation claims which yielded results as the State Government eventually conceded to amicably settle the compensation claims.

Meanwhile, Mrs. Chionuma had, without the approval of the Bank’s Board or Management, single handedly executed Terms of Settlement with the customers as would commit the Bank to pay the sum of N257 Million to her friend’s Law Firm which she had engaged. This was in addition to the agreed fees in the engagement terms with the Firm.

Mrs. Chionuma further sought that the entire compensation monies be paid into the account of her friend’s Law Firm. This was declined by the Management and the compensation sums were eventually paid through ASO Savings, a reputable Financial Institution and the legal owner of Union Homes based on the concluded acquisition.

The monies, after necessary tax deductions, were judiciously used to liquidate the customers’ loan obligations to Union Homes and other entitlements of the customers, refund buyers of the demolished shops and settled Union Homes’ obligations to its depositors. No complaint on utilization of the monies was ever received from the affected customers or buyers of the demolished shops.

Embittered with a truncation of her efforts to siphon these monies, Maimuna instigated a few Union Homes staff to commence a campaign of calumny against ASO Savings and its Executives, with a view to frustrating ASO’s efforts to integrate the business of ASO and Union Homes further to its concluded acquisition of Union Homes.

Prior to this, the former Union Homes Scribe had always felt slighted that as the daughter-in-law of the former Managing Director of Union Homes, she would be subjected to checks and controls introduced to Union Homes upon its acquisition by ASO and designed to ensure prudency, transparency and safeguard Depositors’ funds.

The former Union Homes scribe has also recently sponsored false publications attacking ASO’s acquisition of Union Homes after about 7 years of being retained by ASO to oversee the affairs of the Company Secretariat/Legal Unit of Union Homes.

It is a well-known fact that ASO’s acquisition of Union Homes was duly approved by the Regulators, Shareholders as well as the Court. The Court Order approving such acquisition was published in the National Dailies without ever eliciting any adverse reaction from the stakeholders. The Majority Shareholders of Union Homes have consistently reiterated their support of ASO’s acquisition of Union Homes and its efforts to resuscitate its ailing operations and integrate the business of both entities.

Meanwhile, necessary steps have commenced towards a redress of the infractions of the former Union Homes Scribe and her cohorts.