Akwa Savings and Loans limited, a Micro Finance Bank (MFB) owned by the Akwa Ibom Government, is set to become operational again next month after the bank has been distressed; faced huge financial crisis and was unable to pay its depositors.
Thus, the state government has raised a committee of enquiry to look into the books of the bank and ascertain its indebtedness.
While receiving the report of the committee, Governor Udom Emmanuel said the MFB would have a new management to enable it realise its objectives of providing credit facilities to small and medium enterprises as well as serving as a primary mortgage institution.
He lamented that the bank was on the verge of collapse because it lacked corporate governance and transparency in financial services and announced that the state government would inject funds to facilitate its resuscitation and reposition the state owned financial institution for efficient service delivery.
Udom stated this while receiving the report on the review of operations in Akwa Savings And Loans Limited within the period of January 2007 to May 2016 from the board of enquiry set up by the State Government at the Government House in Uyo.
He announced that all those who have been involved in the collapse of Akwa Savings nd Loans Limited would be made to face the full weight of the law, adding that money recovered would be ploughed back to revitalise the mortgage institution.
According to him, the report submitted has chronicled appropriate recommendations that would facilitate the resuscitation and stability of the bank.
While thanking the committee members for their diligence in carrying out the assignment, the governor expressed the belief that their commitment to the task will reposition the bank for efficiency.
He said with the new management comprising seasoned bankers, the next annual general meeting of the bank would discuss profit of the finance house as well as dividend of shareholders rather than losses as was the case in previous years.
ANIEFIOK UDONQUAK
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