Union Home At 30: Congratulatory Speech by Dr. Femi Adewoye, (COO)
CONGRATULATORY SPEECH DELIVERED BY THE CHIEF OPERATING OFFICER (COO) OF UNION HOMES SAVINGS AND LOANS PLC-DR. FEMI ADEWOYE, ON THE OCCASION OF THE BANK’S 30TH ANNIVERSARY HELD ON TUESDAY 27TH AUG. 2024
Distinguished ladies and gentlemen,
Today is a very special day for Union Homes Savings and Loans PLC, I am proud and delighted to be associated with the 30th Anniversary Celebration of the Bank. I say Congratulations to us all.
Union Homes Savings and Loans PLC, the flag bearer of the nation’s housing sector was incorporated on November 6, 1992, and licensed to carry on mortgage banking business in the year 1994 with her doors formerly opened to the public on August 22, 1994.
Frankly speaking, been in existence overt the years is no mean achievement because over the past three decades, the Bank has recorded significant strides in the mortgage and real estate sector of our country. The Institution has diligently upheld its mandate of providing housing solutions to meet the needs of Nigerians. More importantly, the Institution has provided capacity building to all cadres of Staff, as well as subsidiaries under her portfolio.
For us to appreciate the enormous amount of work done by you all, let me walk you down memory lane based on information at my disposal. The journey began with a vision in August 1994, exactly 30 years ago when the Bank commenced her operations which transformed to establishing a formidable Mortgage Institution which has today birthed an Institution which has produced up to seven (7) Managing Directors who had carried out meritorious works in actualizing the dreams of the Institution and more importantly took keen interest in developing permanent institutional arrangements for its operationalization. No wonder, the Vision and Mission Statements of the Bank speaks volume of its desired goals and objectives. Vision – “To Be a World-Class Mortgage Institution”, and the Mission Statement is: “To drive the mortgage market in Nigeria, employing the best brains and state-of-the-art technology and create wealth for all stakeholders”
As you are aware, the establishment of Union Homes was in response to the Government’s call then, to well-meaning corporate bodies to assist under the national housing policy, in the provision of affordable housing stock for the citizenry. Since then, Union Homes has made successful, unique and progressive contributions in housing delivery, especially in housing development and fresh initiatives to the sector’s operators and stakeholders.
On this occasion, I wish to congratulate the past and present members of the Board of Directors including Alhaji Muhammed Imam Yahaya (1994-1999), Dr. G.A.T Oboh (1999-2006), Mrs. Funke Osibodu and Dr. Olutoyin Okeowo and more importantly all the Managing Directors who has served in this noble institution. Their invaluable guidance and directions over the years are well appreciated. I recall with gratitude the initiative of the pioneers of the Bank starting with the MD/CEO in person of Sir Onyemauwa Chionuma (1994-2006) and other Managing Directors, including Mr.Austin Aikhorin (2006-2009), Dr. S.O Thomas(2009-2012), Mr. Jacob Orimoloye, Mrs. Pearl Kalu, Mr.Adekunle Adedigba and Mr. Richard ‘Femi Bello who played major roles in actualizing the dreams of the Bank through the collective efforts of their respective Executive Directors, Management Committees and more importantly, the resilient and vibrant Staff including each and everyone of you. Indeed, you are all valued assets! Congratulations!
No doubt, the Bank has enjoyed appreciable growth since inception. However, it recorded losses in consecutive years (between 2009 to 2014) and the Balance Sheet size depleted from a peak of N85B in 2009 to N20B in 2014 and today we are all working assiduously at improving the unencouraging figure which the bank maintains today.
As we celebrate the Institution’s exceptional progress, let me highlight remarkable achievements chalked over the past 30 years. Through innovative programmes and strategic partnerships, Union Homes was able to fund/develop below key projects which gave it a niche recognition, national leadership and a conspicuous brand in the market as the Institution was able to contribute tremendously towards the development of housing stocks/projects in Nigeria.
1004 Housing Estate project, Victoria Island, Lagos
Sunrise Estate, Kuje Abuja
Probyn Estate, Ikoyi
Funding and Construction of 298 town houses at Oniru Private Estate, Lekki
Prince and Princess Housing Estate, Abuja (Full Construction of 1000 Housing Unit)
Wilbahi Investment Housing Estates -Construction of 97 Housing Units
Full Construction of EFAB Properties Ltd Housing Estate, Mbora Abuja
Financing of Tanus Investment Housing
UHSL Housing Estate, Kuje
Akwa Ibom State Tourism and Hotel Resort, Uyo
LSPDC Housing Estate Odonla, Ikorodu, Lagos – Purchased and Sold; and
Ehimiri/Osisioma Housing Estate, Abia State amongst others
Frankly speaking, your contributions all have been invaluable in actualizing the Bank’s success story and legacy.
Dear Colleagues, as we approach the end of the year 2024 and start a brand-new year come 2025, we must redouble our collective efforts to achieve our goals. A few critical actions would be needed.
• First, we must intensify our efforts on recovery drives and ensure we meet our weekly, monthly and yearly targets and projections.
• Second, property marketing and commission drives on real estates investment in all regions of the Bank need to increase. We must set achievable targets for ourselves and ensure we meet those targets.
• Third, significantly higher support and commitment is needed for the newly introduced Property/Facility Management window. We MUST exploit every avenue in utilizing opportunities inherent in the housing sector in Nigeria and more importantly the government’s Renewed Hope Housing scheme for both Estates and Cities projects. It is time to reach greater scale by being bold, bigger and better.
Fourth, the outstanding issues of corporate governance as well as the adjudication and completion of outstanding nine years (2014-2022) Audited Accounts need to be approved by the apex bank i.e. the Central Bank of Nigeria. We must therefore give adequate attention to ensure harnessing of more opportunities for business continuity of the Bank.
Finally, urgent actions are needed to not only addressing the liquidity challenges of the bank, but also reduce the huge deposit liabilities burdens. As we all know, many of our customers are innocent, aged and valued customers who entrusted the Bank years back with their funds and decided to invest same through fixed deposits. Amidst this, the lingering and challenging integration project with ASO Savings and Loans PLC having satisfied acquisition process need to be given 100% attention it deserves.
If the creation of an Institution is deemed to have been necessary in retrospect, I think it is safe to describe it as a success. The Bank might not have found the magic formula yet for its transformation, but from my point of view, our individual and collective efforts and resilience
more importantly, will lead us to gaining insights and thereby metaphorically opening new doors for our dear Institution.
