Justice Daniel Osiagor of the Federal High Court in Lagos has struck out a petition challenging the acquisition of Union Homes Savings and Loans Plc by ASO Savings and Loans Plc, marking a significant legal milestone in the consolidation of Nigeria’s mortgage banking sector.

In the suit marked FHC/L/CP/739/2023 – Igbrude Moses & 5 Ors. v. Union Homes Savings & Loans Plc & 5 Ors., the petitioners sought to halt the acquisition, raising several objections to the transaction.

However, in his ruling, Justice Osiagor held that the petitioners failed to establish locus standi—a fundamental legal requirement to sustain such a claim in court. Consequently, the petition was struck out in its entirety.

Reacting to the judgment, the Board and Management of ASO Savings and Loans Plc expressed satisfaction with the outcome, describing it as a reaffirmation of the acquisition’s legitimacy and regulatory compliance.

“This decision affirms our commitment to due process and regulatory integrity. 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,” said the Managing Director/CEO, Hajiya Risi Ahmed, in a statement.

The integration of Union Homes is expected to significantly boost ASO’s operational scale, broaden its retail footprint, and deepen its product offerings—further positioning it as the mortgage bank of choice in Nigeria.