3 Top Aso Savings and Loans Officials in Alleged N3.5 billion Theft and Diversion
Three(3) top officials of Aso Savings and Loans Plc have allegedly stolen and criminally diverted the sum of N3.5 billion belonging to Union Homes Savings and Loans Plc.
In a petition to President Bola Ahmed Tinubu dated June 16, 2025, by Barrister Kukei Umoye (Esq) of Candour Attorneys in Lagos, on behalf of Mrs Maimuna Chionuma, erstwhile Company Secretary of Union Homes Savings and Loans Plc, and sighted by this online Newspaper, the petitioner is drawing the attention of Mr President to the acts of mismanagement , asset stripping, fraudulent conversion, theft and utter disregard for the code of corporate governance guiding financial institutions in respect to Union Homes by the trio of Aso Savings and Loans Plc, led by Risikatu Ahmed, Richard Bello and Femi Adewoye .
The petitioner noted that upon the divestment of her ownership in the subsidiaries by Union Bank of Nigeria Plc, ASO Savings and Loans Plc was selected as the preferred bidder for the divestment and the parties UBN, ASO, UH Investment Nigeria Ltd, Central Bank of Nigeria and Union Homes Savings and Loans Plc signed a Transaction Implementation Agreement (“TIA”) which was to guide the parties in ensuring that the transaction was consummated within 90 days from 31st December 2013.
Arising from the signed agreement between CBN and Union Homes, the board of UBN handed Union Homes over to ASO, who then appointed representatives to the board of Union Homes and deployed some management staff to Union Homes to see to the intended merger of the two banks.
However, the transaction had remained incomplete and not perfected as all the parties reneged in their obligations as contained in the TIA and Memorandum of Understanding duly executed.
Meanwhile, Aso Savings and Union Homes continued to operate as two separate legal entities because after the purported acquisition, the parties were to obtain all the necessary approvals from the regulators for the merger which has been in perpetuity because, the Securities and Exchange Commission (SEC) had filed away the application for the merger of both banks for non- compliance.
According to the petitioner, the bank’s continued to run as two distinct legal entities who can sue and be sued, had their distinct boards, separate management staff, separate accounts and separate Company Secretaries, stressing that this position has been confirmed by the Lagos State High court pursuant to the deposition by Aso Savings that they are two legal entities.
The petition letter further noted that Aso Savings denied responsibility in all the claims of the depositors of Union Homes, but has consistently been quick to grab Union Homes Savings and Loans Plc‘s assets.
However, when Risikatu Ahmed took over as the Managing Director of Aso Savings in 2021, she collapsed the whole system, in breach of the principle of legal personality, and then decided to cherry pick.
Sums recovered from Union Homes debtors amounting to N1 billion was transferred to Aso Savings by Risikatu Ahmed in collusion with Richard Bello and Femi Adewoye, which remain unaccounted for as a consequence of which there is gross breach of Corporate governance, and lack of accountability of depositors funds.
For the avoidance of doubts, below are particulars of breach of Corporate governance, conflicts of interest, lack of accountability and Probity:
1)Union Homes and Aso have been operating without Board of Directors, giving rise to mismanagement , impunity and a ‘one man show’ by Riskatu Ahmed ;
2) Risikatu Ahmed as Managing Director of Aso, singularly appointed herself as Managing Director of Union Homes, and has been singularly taking management decisions for both banks (attached and marked as Annexure 5 is the Union Homes internal memo , signed by Risikatu Ahmed as M/D.
3)That Riskatu Ahmed’s self appointment as M/D of Union Homes was a consequence of the unceremonious exit and recall, back to Aso, of Richard Bello as M/D of Union Homes on being indicted for conflict of interest upon the scandal concerning assets illegally converted from Union Homes depositors (Annexed and marked 6, is stakeholders petition against Richard Bello)
4)Risikatu Ahmed exercising her illegal powers as M/D of Aso and Union Homes , unilaterally redeployed one Femi Adewoye from Aso to Union Homes as Chief Operating Officer (C.O.O ). A position not recognized in the banking sector.
5) Femi Adewoye as Chief Operating Officer (COO)of Union Homes has been superintending and micromanaging the day to day running of Union Homes, under the leadership of Risikatu Ahmed.
6) Lack of accountability- the last financial audit of Union Homes was in 2013, at the commencement of the failed merger process with Aso. (Attached and marked Annexure 8, is the audit of 2013)
7) That ever since 2013, ASO has embarked on a campaign of asset stripping and mismanagement of Union Homes. Particularly the theft of N1billion recovered from Union Bank of Nigeria Plc( Attached and marked as Annexure 9, is the memo for the fraudulent transaction)
8)Also of note, is the criminal conversion of N2.5 Billion Lagos State compensation meant for Union Homes/ Abule-Ado building and plumbing materials dealers/ Seraq Nig Ltd by the leadership of Risikatu Ahmed. The internal memo signed by the governor and the receipt evidencing payment by Lagos state to Aso a non party in the action and a separate legal entity is hereby attached and marked as Annexure 10).
9) Lagos State Government paid N1 Billion in settlement of Suit No BD/20/2013 with Union Homes,Agric Coker Building & Plumbing Materials Dealers Association and Agric Coker Building Materials Dealers as Claimants.
10. Additionally, Lagos State Government paidN1.5 Billion in settlement of Suit No ID/113000LM/2022, with Searaq Nig Ltd as joint claimants.
11. ASO Savings and Loans Plc, a non party in the action and a separate legal entity had by false pretense held itself out as a party entitled to all the compensation ( it never acquired the liabilities of Union Homes i.e cases in court) The compensation was illegally/fraudulently paid to ASO by Lagos State Government inspite of a Court Order and notices directing to whom compensation should be paid. And when our client drew Risikatu Ahmed’s attention to the consent judgement signed by the parties detailing the Trust Account into which the compensation should be paid in, our client was issued a query.
12. Thereafter our client was instructed by same Risikatu Ahmed to write a letter notifying Seraq about the payment to N1.5 Billion by Lagos State Government and to also state that 50% of the N2.5billion which translates to N1.250Billion will be paid to “unknown political people ” whom she claimed recovered the money from Lagos State Government. She further claimed that N75million will be paid as fees to the consultant for sharing the money to the alleged unknown ” political people).
13. When Counsel in the matter drew Union Home’s attention to the illegal diversion and demanded for clarifications on the circumstances of same, as Company Secretary our client was instructed to cover up for sums not received by Union Homes. The instruction came from Risikatu Ahmed.
14. As Company Secretary our client refused to acknowledge receipt of N2.5 Billion Lagos State Compensation paid but not received by Union Homes.
15. The C.O.O Femi Adewoye subsequently and fraudulently acknowledged receipt of N2.5 Billion.
16. That the consequences of our client’s refusal to aide and abet the diversion/theft of the compensation money, our client has suffered continuous harassment, intimidation, threats to life and career.
17. That the harassment and intimidation includes threatening telephone calls and text messages at night from Risikatu Ahmed, the directing mind behind the diversion.
18. That the harassment, intimidation, threats to her career and well being on account of our client’s refusal to be a party to fraud eventually crystallized in the illegal and wrongful termination of her appointment on 20th March 2023, with a condition that she must remain silent on all matters involving their fraud and transaction.
19. Thereafter, our client was invited via phone call from one Jacob Sani a DSS officer inviting her to Abuja, FCT followed by another invitation and this time from the Police Force, Zone 7 headquarters, Abuja. That she honoured the aforementioned invitations and responded to all the allegations leveled against her.
20. There have been numerous petitions to the Anti graft agencies and Regulatory bodies on fraud involving Risikatu Ahmed, Richard Bello and Femi Adewoye. Of note is the unprofessional conduct of the EFCC who acknowledged the petition but did not act or attend to it.
21) Also, the sum of N50million was paid to Aso as reimbursement of payments made to fictitious lawyers who had already been paid by Union Homes and some who are not in the courts record.
22) They alleged that the sum of N100 million transferred to ASO was for solicitor’s fees, despite the bank’s standard practice of paying only N800,000 (Eight hundred thousand Naira) for such services.
23) In January 2024, they brazenly siphoned the sum of N50 million to ASO, fraudulently disguising it as a solicitor’s fee for filing three cases in their personal names, even as the depositors’ fund had skyrocketed to a staggering N23 billion.
24) That to date , the totality of Union Homes assets remain unaccounted for by the leadership of Risi Ahmed , including all the monies as afore-mentioned.
The petitioner has, flowing from the seriousness of the above infractions implored President Bola Ahmed and Central Bank of Nigeria to take immediate corrective steps to rescue Union Homes, its depositors, shareholders and employers from further mismanagement of depositor’s funds and assets by Risikatu Ahmed, in partnership with Richard Bello and Femi Adewoye.
In view if the “ Renewed Hope Agenda” of this present administration, the petitioner wants the authorities to sanitize and overhaul the present management of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc to make room for accountability and align with code of corporate governance in our financial institutions.
