The Federal High Court in Lagos has struck out a petition challenging ASO Savings and Loans Plc’s acquisition of Union Homes Savings and Loans Plc.
It marks a significant legal milestone in the ongoing consolidation of Nigeria’s mortgage banking sector.
In Suit No. FHC/L/CP/739/2023: Igbrude Moses and five others vs. Union Homes Savings & Loans Plc and five others, the petitioners sought to halt the acquisition of Union Homes by ASO Savings and Loans Plc, raising various claims in the process.
Justice Osiagor J. held that the petitioners failed to establish locus standi, a necessary requirement to sustain their claims before the court.
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The petition was therefore struck out in its entirety.
Board and Management of ASO Savings and Loans Plc expressed their satisfaction with the ruling, noting that it reinforces the legitimacy and regulatory integrity of the acquisition process.
“This decision affirms our commitment to due process and regulatory compliance.
“The acquisition of Union Homes Savings and Loans Plc represents a key step in ASO Savings and Loans PLC’s strategy to consolidate its leadership in Nigeria’s mortgage banking sector, and we are ensuring the integration of the two banks”, the MD/CEO, Hajiya Risi Ahmed, said in a statement.
The successful integration of Union Homes is expected to significantly enhance ASO’s operational scale, expand its retail footprint, and deepen its product offerings, further positioning it as the Mortgage Bank of Choice in Nigeria.