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 on May 30, 1994. Union Homes formally commenced business on August 2, 1994 at her current Head Office location on 153, Ikorodu Road, Onipanu, Lagos.
The establishment of Union Homes was in response to Government’s clarion 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, giving impetus to housing development and fresh initiatives to sector’s operators and stakeholders.
The institution has a seven-man Board led by Mr. Olutoyin Okeowo(Chairman).
Housing Delivery Achievements
Owing to its unique housing delivery strategies and solid financial standing, Union Homes embarked on various housing schemes aimed at providing affordable houses to Nigerians. These included funding:
- State and Federal Government Housing Schemes
. Apico/Shelter Afrique Estate at Uyo
. Abia State Housing Corporation at Osisioma, Abia State
. Palm View I and II Estates at Oko-Oba in Lagos
. LSDPC Estates at Odonla, Ikorodu
. Sale of Federal Government Houses at FCDA, Abuja
. 1004 Estate,, Victoria Island, Lagos
. Mulliner and Awolowo Road Towers, Ikoyi, Lagos
- Private Estate Developers
. EFAB Properties Estate, Abuja
. Prince and Princess Estate, Duboyi, Abuja
. Tanus Properties Estate, Abuja
. Landbridge Estate, Oniru, Lagos
. Friends Colony, Ajiran, Lekki
. Northern Foreshore Estate, off Chevron Drive, Lekki
. Royal Sanderton Estate, Ikeja, Lagos
. Alfred Gardens Estate, Oregun, Lagos
- Direct Intervention
. Union Homes Mall, Central Lagos
. Sunrise Estate, Kuje, Abuja
. Probyn Estate, Ikoyi, Lagos
. Lonex Garden Estate, Isheri, Lagos
. Exxon Mobil/Chevron Estate, Lekki, Lagos
- Joint Venture Development
. Wilbahi Investment Estate, Abuja
. Delta Mega Trend Estate, Warri
Union Homes funded the construction of 296 town houses at Oniru Private Estate, Lekki. Patronized mostly by Nigerians in Diaspora and high networth citizens, the project boosted Union Homes credibility abroad, and created tremendous respect for the Institution in the mortgage finance circles.
Driven by these early successes and the desire to enthrone housing as imperative for economic growth, Union Homes funded the completion of APICO/Shelter Afrique Estate, Uyo, to support the state government in its economic development programmes. Further to that, Union Homes provided the take off funding for Akwa-Ibom State Government’s Le Meridian 5-Star Hotel and Tourism project at Ifiayong-Usuk, Uyo.
When the Federal Government offered to sell some of its estates to the public in 2004, Union Homes won the bid and paid for Mulliner and Awolowo Road Towers, Ikoyi, Lagos, and was the largest investor in the consortium that bought 1004 Estate, Lagos. Mulliner, Awolowo Road Towers and 1004 Estate have been renovated and sold out to the public.
Performance
To match performance with esteem and to increase stakeholders’ confidence in the Institution, in April 2006, Union Homes broke new grounds with its listing on the Nigerian Stock Exchange. Union Homes thus became Nigeria’s first PMI to be listed on the Stock Exchange. In readiness for the then anticipated recapitalization/consolidation in the mortgage finance sub-sector, Union Homes did a successful N5.4 billion Right Issue of N3 billion ordinary shares at 1.80 per share.
In August 2008, Union Homes offered for subscription to the public, the Union Homes Hybrid Real Estate Investment Trust at 51.50 per unit that aimed at a long-term capital appreciation of assets by investing in a portfolio of high-quality real estate and mortgage assets.
The operating results of the Institution in the last five years also indicate a growing business volume and improved balance sheet size. Total Assets stood at N48,226 billion, Gross Earning dropped to N5,521 billion, while Shareholders Fund was N5,709 billion.
Union Homes string of achievements also include its funding of Exxon Mobil/Chevron Estate, Lekki, Lagos and the building of Union Homes owned mall of 149 shops in Central Lagos in 2002. In 2007, the Institution acquired 50.54 hectares of land in Ajah, Lagos for the development of housing estate.
Another landmark in Union Homes housing achievements is its offshore efforts. Jointly with Distribution and Warehousing Network (DAWN), a South African public-quoted building materials production and marketing company, Union Homes established Saffer-Union (W.A) Limited. The new company markets and distributes high quality building materials and housing interior accessories in Nigeria. Union Homes holds equity in HFC Bank (Ghana) Ltd, a Commercial Bank with an enviable reputation in housing development.