By Henry Ojelu

LAGOS — The Federal High Court sitting in Lagos has struck out a suit challenging the acquisition of Union Homes Savings and Loans Plc by ASO Savings and Loans Plc.

The suit, filed under Suit No. FHC/L/CP/739/2023 by Igbrude Moses and five others against Union Homes Savings and Loans Plc and five other respondents, sought to halt the acquisition process, citing several alleged infractions.

Delivering judgment in the suit, Justice Daniel Osiagor held that the petitioners lacked the locus standi to sustain the action, effectively nullifying the claims before the court.

“The petitioners failed to establish a sufficient legal interest in the matter,” the court ruled, striking out the suit in its entirety.

Reacting to the ruling, the Board and Management of ASO Savings and Loans Plc described the decision as a reaffirmation of the integrity and legality of the acquisition process.

In a statement issued by the Managing Director/Chief Executive Officer, Hajiya Risi Ahmed, the bank said: “This decision affirms our commitment to due process and regulatory compliance. The acquisition of Union Homes is a strategic milestone that consolidates our leadership position in Nigeria’s mortgage banking landscape.”

She further assured stakeholders that the integration of the two banks is already underway and would yield enhanced operational efficiency, broader market reach, and a diversified product portfolio.