Aso Savings & Loans to manage Union Homes for six months | Independent Newspapers Limited
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Aso Savings & Loans to manage Union Homes for six months

Posted: Apr 10, 2015 at 7:34 am   /   by   /   comments (0)

By Phillip Oladunjoye  / Senior Correspondent


The Managing Director of Aso Savings and Loans Plc, Hassan Musa Usman, says his company now controls about 92 per cent of the shares of Union Homes Savings and Loans Plc.

Speaking when his management team visited the Managing Director/Chief Executive Officer of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, in Abuja, Usman said both institutions would be managed independently for six months before their final merger.

He expressed his appreciation to the Corporation for its support in resolving the Union Homes problem, assuring the NDIC of full implementation of the recommendations proffered by the supervisory authorities that would ensure sound management of both institutions.

In his response, Ibrahim advised the management of Aso Savings & Loans Plc to ensure sound corporate governance in the take-over of Union Homes Savings and Loans (UHSL) Plc.

He said the laudable initiative would not only give all depositors and staff of the UHSL Plc a new lease of life, but would also go a long way to promote public confidence in the banking system.

According to the NDIC CEO, the task before the management is to maintain the confidence reposed on them by their Board, shareholders and the supervisory authorities by ensuring higher performance and quality service.

Ibrahim enjoined the mortgage bank to embark on a process of effective communication of its turnaround plan with a view to promoting confidence and trust of its depositors. He therefore advised them to establish a toll free Help Desk and other effective communication channels such as radio and television jingles and talk shows to reach out to existing and prospective customers in order to overcome potential risks of rumours, which may trigger a run on both Aso Savings & Union Homes.