Stories by Amaka Ifeakandu
Lagos
The management of Aso Savings & Loans Plc have been urged to ensure adoption of sound corporate governance in the take-over of Union Homes Savings and Loans (UHSL) Plc.
The Managing Director/Chief Executive Officer of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim who made this remark when the management of Aso Savings and Loans Plc visited the Corporation in Abuja said that this this laudable initiative would not only give all depositors and staff of the UHSL Plc a new lease of life but it would go a long way to promote public confidence in the banking system.
Speaking further, he said, 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.
Alhaji Ibrahim expressed the need for 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.
Responding, the Aso Savings and Loans Plc, Managing Director/Chief Executive Office, Mr Hassan Musa Usman, expressed his appreciation to the Corporation for its support in resolving the Union Homes problem.
He assured the NDIC of full implementation of the recommendations proffered by the supervisory authorities that would ensure sound management of both institutions.
He informed the Corporation’s Management that henceforth, Aso Savings Plc would control about 92 per cent of the shares of UHSL Plc, adding that the two institutions would be managed independently for six months before their final merger.