Justice Daniel Osiagor of the Federal High Court in Lagos has struck out a petition seeking to halt the acquisition of Union Homes Savings and Loans Plc by ASO Savings and Loans Plc, effectively clearing a major legal hurdle in the ongoing consolidation of Nigeria’s mortgage banking sector.
The case, marked FHC/L/CP/739/2023 – Igbrude Moses & 5 Ors. v. Union Homes Savings & Loans Plc & 5 Ors., was instituted by a group of petitioners who raised objections to the acquisition, alleging irregularities and seeking to nullify the transaction.
In his ruling, Justice Osiagor held that the petitioners failed to establish locus standi, a crucial legal requirement to demonstrate sufficient interest or right to bring a case before the court. The judge therefore struck out the petition in its entirety for lack of legal standing.
Reacting to the judgment, the Board and Management of ASO Savings and Loans Plc welcomed the court’s decision, describing it as a validation of the transaction’s legitimacy and full compliance with regulatory standards.
“This decision affirms our commitment to due process and regulatory integrity,” said Managing Director/CEO, Hajiya Risi Ahmed. “The acquisition of Union Homes Savings and Loans Plc is a key step in ASO’s strategy to consolidate its leadership in Nigeria’s mortgage banking sector. We are now focused on successfully integrating both institutions.”
