Uneasy in Union Homes over 2.5billion naira compensation from Lagos state.

By Afolabi Oyekunle.

All seems not well with Union Homes over an alleged diversion of 2.5 bilion naira compensation from Lagos State government for the demolition of their property at Abule Ado, Iyana Iba Lagos.

The properties were said to have been demolished by the Lagos State government about 12 years ago and all the parties have been going back and forth until late last year when the Lagos State government paid the said compensation.

Sources close to the firm provided graphic details of how the 2.5 billion naira was diverted to the Aso Savings, the parent body of the Union Homes.

Aso Savings was also alledged to have acquired the Union Homes through a shady arrangement , 10 years ago.

According to the source , by virtue of the terms of the Transaction Implementation Agreement, which fact is lucidly within the knowledge of the Central Bank of Nigeria (CBN) as a regulatory body in its supervisory and monitoring capacity, Aso Savings and Loans was required to inject the sum of 5 billion naira as a purchasing consideration fee into Union Homes within 90 days to consummate the merger/acquisition arrangement before it can effectively taken over and have assess to the assets of the Union Homes.

Sources said Aso Savings failed to fund the recapitalisation of the Union Homes as required and it has been operating Union Homes as the owner and massively defrauding and criminally converting the assets and funds of the Union Homes since 2013, purporting acting under the failed merger/acquisition arrangement.

It was discovered that out of the recent 2.5 billion naira compensation, which was fraudulently diverted into the Aso Savings account, about 1billion naira has gone into individuals and Lagos State officials who helped in facilitating the compensation.

Efforts to get the former Managing Director of the Union Homes to speak on the matter failed as his mobile number was not going.

Comments

Omisande: CPS Pensioners in Lagos State assured of payment of their increase pension benefits as their Federal counterparts.

By Afolabi Oyekunle. Pensioners under the Contributory Pension Scheme(CPS) in Lagos State have been urged to be patient concerning their much awaited increases, as there are assurance that all what they are entitled to will be paid earlier next year. This assurance is coming from the Chairman, Nigeria Union of Pensioners, Contributory Pension Scheme, NUPCPS, Lagos State Council, Comrade Michael Omisande. Comrade Omisande who spoke to ForumNews at the sideline of the end of year get together of Agege Zone Pensioners said what is delaying is the Template which is being awaited Comrade Omisande said just as the Federal workers who have started receiving their own entitlements, all Pensioners under the scheme in other five states will receive their own as approved by the Federal government. According to him, the PFA'S have been given till 20th December to pay all Federal Pensioners. He said after the completion of the Payment, PenCom will ther...

PenCom urges Lagos State Governor to extend periodic pension increase to retirees under CPS, as Sanwoolu welcomes the idea.

By Afolabi Oyekunle. The National Pension Commission (PenCom) has called on the Lagos State Governor, Babajide Sanwo-Olu, to extend periodic pension increases currently enjoyed by Defined Benefit Scheme (DBS) retirees to those under the Contributory Pension Scheme (CPS) to boost their monthly pensions. The Director General of PenCom, Ms. Omolola Oloworaran, made the request during a courtesy visit to Governor Sanwo-Olu at the Lagos State Government House on 7 May 2025. The visit was to present the report of PenCom’s 2024 routine inspection of the Lagos State Pension Commission (LASPEC) and to thank the Governor for confirming his participation as Special Guest at the Pension Industry Leadership Retreat starting 8 May 2025. PenCom DG pointed out that currently, only DBS retirees are paid pension increases in Lagos State, leaving out their counterparts under the CPS. DG PenCom Ms Oloworaran with Gov Sanwoolu who presented her with Lagos State plaq...

PENCOM pledges to see that Lagos State pays CPS retirees.

By Afolabi Oyekunle. Director General of National Pension Commission, Ms Omolola Oloworaran has pledged that the Commission will fast track and work towards Lagos State government paying retirees under the Contributory Pension Scheme what is due to them like their federal counterparts. She made the pledge at a media workshop in Lagos for journalists. The Director General was surprised when she was asked why the Template for the payment was not released to Lagos State government for the payment of backlog of areas and allowances as approved by the Federal government, which Federal retirees are currently enjoying. PenCom DG, Omolola Oloworaran She thereby directed her staff to work on the Lagos State matter to settle the matter towards making the Lagos State government have all the necessary information needed to pay the retirees. The PenCom Director General noted that Lagos State government was one of the few states that keyed into the progra...

Search This Blog