• Tuesday, November 28, 2023
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Akwa Savings secures approval for recapitalisation


Akwa Savings and Loans Limited has secured approval from the Akwa Ibom government for its recapitalisation scheme that will see its capital base hit N5 billion as required by the Central Bank of Nigeria (CBN).

The primary mortgage institution (PMI) is owned by the Akwa Ibom government and has branches in many parts of the state.

According to Senas Ukpanah, chairman, Akwa Ibom Investment Corporation and special adviser to the governor on investment and industrialisation, Akwa Savings and Loans Limited has a lot of prospects, adding that the recapitalisation will enable the bank to grow its programmes and activities.

Represented by Imo-Abasi Jacob, executive director, Akwa Ibom Investment Corporation, he noted that with the restructuring of the corporation to a holding company, it has a supervisory role to manage all government investments and expressed delight over the achievements recorded by Akwa Savings.