How My Mother Developed Stroke As ASO Savings And Loans Withheld Money Belonging To Her, Others —Nigerian Lady

A lady, Iyabode Ilori, has alleged that ASO Savings and Loans PLC as well as the Union Homes Savings and Loans withheld customers’ funds without offering an explanation on the issue.

According to Ilori who spoke with SaharaReporters on Monday, her parents’ retirement benefits and life savings worth over N12 million were still withheld in the Union Home Savings and Loans, a subsidiary of ASO Savings and Loans PLC and Union Bank, with no explanations whatsoever.


Ilori said her parents had always banked with Union Bank but for three years now, they had been unable to access their funds which resulted in a stroke for the mother who could not handle the shock.

She called on Union Homes Savings and Loans PLC to issue a memo to customers so they can have an idea of the actual situation.

Ilori said, “My parents fixed some money with Union Homes, a subsidiary of Union Bank. ASO bought into Union Homes. For about three years now, they have not been able to give anybody money. Once we say we want our money, they cannot produce it.

“We don’t even understand how the issue came to be. We weren’t informed at all. Many people have their savings and investments there. My dad and mum saved there and they are retired, all their retirement funds are saved there and I learnt that the bank has not been able to give any of their customers any money, even those who have approached them. No memo, nothing to explain. My parents have about N12 million with the bank.

“My mother developed a stroke as a result of the shock. I got to know that our funds had probably been diverted into Aso Savings and Loans when I was surfing the internet. I could see that Union Bank bought into ASO savings. The transaction was done in a fradulent way such that we cannot take our money. 

“I have gone to the bank several times to explain that at least my mother needs it for treatment but nothing came up. We went to their headquarters at Onipanu, we even wrote letters to them that we need our money, nothing came out. They said they didn’t have money. Their staff and all other branches are shut down.

“The funny thing is, Union Homes still retains its name; the name has not changed. We don’t know what happened. We wrote to the Central Bank of Nigeria, and they just said they would look into it, but nothing changed.”

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SaharaReporters, New York

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