Union Homes: We are Reorganising for Greater Efficiency

By Obinna Chima

Union Homes Savings and Loans Plc has assured its stakeholders that it is restructuring its operations for greater efficiency.
The company also said it was striving to improve its processes, manage its costs and also increase productivity, adding that its goal was to be a more effective organisation that provides valued services to its customers.
Therefore, the Managing Director, Union Homes, Mrs. Pearl Kanu, in a statement at the weekend refuted allegations by the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) which led to the industrial crisis in the organisation.
Some of the allegations against the company was that N26 billion was transferred from Union Homes to Union Bank of Nigeria Plc to recapitalise the Bank.
“The facts behind the recapitalisation of Union Bank of Nigeria Plc are public knowledge; it is on record that Union Bank’s current capitalisation is based on a 65 per cent holding by Union Global Partners Limited, a 20.04 per cent holding by the Asset Management Corporation of Nigeria and a 14.96 per cent holding by a diverse group of shareholders,” Kanu added.
Continuing, Kanu said: “Union Homes Savings and Loans categorically states that the assertion that nearly 400 members of staff have been disengaged since October 2012 is false. In addition, the company affirms that it has continued to work to meet its obligations to its depositors, contrary to the claims of the group.
“The ASSBIFI Section has also issued several demands on the Company. One of such demands is that staff who have not been promoted for between four to ten years be promoted immediately. Union Homes maintains that promotion is an organisation’s prerogative and is not administered as a matter of course or based on duration of employee service.
“Union Homes further maintains that employee promotion is based on employee performance. A demand has also been made on the Company to credit staff pensions into individual staff Retirement Savings Accounts. The factual position is that Union Homes is presently waiting for the necessary Nigerian Pension Commission approval required to effect the disbursements and will do so once that approval is received.”
She therefore encouraged the striking workers to return to work and join in the efforts to build the institution.