Shareholders of ASO Savings and Loans Plc have passed a vote of confidence in the Bank’s Board and Management during the Company’s 18th to 27th Annual General Meetings (AGMs), which were held virtually on Monday, June 30, 2025.
The meetings, convened in a unified virtual proceeding, backed by statutory, regulatory and shareholders’ endorsement, witnessed approval of the Bank’s long-outstanding Audited Financial Statements for the years 2015 to 2024 by the Shareholders. The shareholders, approvals followed the prior approval of both the Central Bank of Nigeria (CBN) and other relevant regulatory authorities.
In his remarks, a prominent shareholder and National President and a leading Shareholders’ Association, commended the transparent conduct of the virtual meetings and expressed optimism in the future prospects of the Bank. “The orderly presentation of the accounts and strategic updates from the Management give us renewed confidence in the institution’s direction,” he said.
Providing updates on the Bank’s turnaround efforts, the Managing Director/CEO, Risikatu Ladi Ahmed, highlighted key milestones achieved by the current leadership. These include the lifting of the CBN-imposed ‘holding action’ restriction on the Bank’s operations, regularization of all account filing backlogs, and the successful approval of the 2015–2024 Audited Accounts.
The Managing Director also noted that the Bank has achieved significant compliance with corporate governance requirements, including the proper constitution of the Bank’s Board and Board Committees. She further informed the meeting of the removal of the Bank from the Nigerian Exchange Limited’s (NGX) ‘delisting-in-progress’ watchlist and reported a consistent return to profitability since the 2021 financial year.
“These achievements underscore our commitment to restoring ASO’s leadership position in Nigeria’s mortgage finance sector,” the MD stated.
One of the high points of the meeting was the shareholders’ formal approval of the Bank’s recapitalization programme, aimed at further strengthening financial resilience and positioning the Bank for long term growth.
shareholders praised the Board, led by Chairman Mr. Abdul Suleiman Kofarsauri, for its strategic leadership and commitment to reform. He expressed confidence that ASO Savings is on course to reclaim its position as Nigeria’s preferred mortgage bank.
With these developments, stakeholders and industry watchers alike believe the Bank is entering a new phase of stability and renewed market relevance driven by a visionary leadership and dedicated workforce.