Depositor seeks liquidation of Aso Savings over alleged N74.4m debt
A depositor, Mr. Danjuma Ejiga has asked the Central Bank of Nigeria (CBN) to revoke the licences of Union Homes Savings and Loans Plc and Aso Savings and Loans Plc over their refusal to pay his outstanding credit balance of N74.4 million on demand.
The petitioner equally asked the CBN to take over the two financial institutions and appoint the Nigerian Deposit Insurance Corporation (NDIC) as liquidator within one week or face legal action.
The demands are contained in a petition to the CBN Governor, Godwin Emefele by the law firm of Chukwuma-machukwu Ume (SAN) dated September 12, on behalf the depositor.
The CBN in 2013 granted approval to Aso Savings and Loans to acquire Union Homes and Loans Plc.
In the said letter, the lawyer narrated that despite repeated demand letters to the bank asking them to pay the balance, none of the letters have yielded any fruit.
The letter also accused Aso Savings and Loans of engaging in assets stripping on the properties/assets of Union Homes and Loans Plc, which is against the provisions of Section 159 of the Companies and Allied Matters Act 2004.
“In view of the foregoing, we hereby demand for revocation of the licences of Union Homes Savings and Loans Plc and Aso Savings and Loans Plc for engaging in unprecedented assets stripping.
Read Also: CBN cashless policy can negate financial inclusion, says don
“You are hereby, given notice that if you do not within one week after receiving this letter, exercise your powers provided in Section 34(f) and 35 of the Banks and other Financial Institutions Act, 2004 to cancel the takeover and revoke their respective licences and appoint the Nigerian Deposit Insurance Corporation liquidator, else we file originating summons asking court to order the Central Bank of Nigeria to do as above.
“We are already presenting a petition for the winding up of the two companies for its failure to fulfil its obligation to our client as required by Section 408 (d) and Section 409 (a) of the Companies and Allied Matters Act 2004,” Ejiga’s lawyers said in their petition.
In another petition to the director, Consumer Protection Department, Central Bank of Nigeria on the subject matter, the aggrieved depositor urged the department to exercise its powers to direct the remittal of the money.
