Shareholders of ASO Savings & Loans Plc have expressed support for the ongoing recapitalisation of the bank.
ASO Savings plans to raise N120 billion in new capital as part of efforts to strengthen and expand the operations of the bank.
Shareholders, who spoke after the annual general meeting (AGM) of the bank, said the steady progress being made under the current board and management has reinforced confidence in the outlook of the bank.
They noted that holding of the AGM, the first in more than 10 years, signalled the return of the bank to effective compliance and operational excellence.
President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, who spoke on behalf of the shareholders, said the bank has made commendable progress under the current leadership.
“We fully support the bank’s ongoing N120 billion recapitalisation programme and the strategic plan for integration with Union Homes Savings & Loans Plc, which we believe will enhance capacity, unlock new value, and strengthen ASO’s role in Nigeria’s mortgage finance sector.
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“We are encouraged by the management’s commitment to depositor protection, and strategic partnerships aimed at expanding access to affordable housing — particularly for civil servants, the diaspora, and the informal sector.
“As shareholders, we are confident with the banks leadership and its growth strategy towards repositioning ASO Savings,” Umar said.
Shareholders assured that they would continue to support the strategic initiatives by the board and management.
Chairman, ASO Savings & Loans Plc, Alhaji Abdul Kofarsauri, assured shareholders that with its clear roadmap, regulatory alignment, and rising investor confidence, the bank ASO Savings is positioned for long-term institutional strength, innovation, and sustainable growth in Nigeria’s financial services sector.
“Restoring shareholder value is a core objective. Once the recapitalization is completed and profitability is sustained, dividend payments will be reconsidered. The current focus remains on strengthening the balance sheet and ensuring long-term viability,” Kofarsauri said.
Managing Director, ASO Savings & Loans Plc, Risikatu Ladi Ahmed said the bank has a clear path to recapitalisation and has been well-positioned for sustained growth.
She said: “We’ve done the heavy lifting, and now we’re entering our growth phase—with the confidence of our regulators and the support of our investors”.
She pointed at ASO’s renewed innovation-driven outlook, including digital mortgage solutions, rent-to-own schemes, and enhanced credit origination and recovery systems—all aimed at repositioning the bank as a national leader in housing finance.
“In four years, we’ve stabilised the bank, restored profitability, and paved the way for recapitalisation. Our team is rebuilding ASO with integrity, discipline, and a clear sense of direction. The worst is behind us. We are not just running a bank—we’re rebuilding an institution Nigerians can trust again,” Ahmed said.
Key extracts of the audited reports and accounts showed that ASO returned to profitability in 2021 and has maintained this trajectory over four consecutive years. In its 2024 audited accounts, the bank reported a rise in interest income to N1.3 billion, up from N1.1 billion in 2023, along with a profit after tax of N82.8 million.