ASO Shareholders Cheer First AGM in 10+ Years, Back N120 Billion Recapitalisation Plan
In a major boost to its revival journey, ASO Savings & Loans Plc has received enthusiastic support from its shareholders for its ambitious ₦120 billion recapitalisation programme, marking a new chapter for the mortgage bank. The approval came during the company’s first Annual General Meeting (AGM) in over a decade, held recently, signaling a strong return to corporate governance and compliance.
️ Shareholders Reaffirm Confidence in Leadership
Speaking on behalf of the shareholders, Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders, lauded the bank’s current management and board. He emphasized that shareholders are encouraged by the strategic direction of the bank, especially with the ongoing recapitalisation and planned integration with Union Homes Savings & Loans Plc.
“We fully support the ₦120bn recapitalisation programme and believe the merger with Union Homes will unlock new value, enhance ASO’s capacity, and strengthen its position in Nigeria’s mortgage finance ecosystem,” Umar stated.
Strategic Focus on Affordable Housing
Shareholders also applauded management’s focus on depositor protection and partnerships aimed at affordable housing, particularly for underserved segments like civil servants, the Nigerian diaspora, and those in the informal sector.
A Rebirth for ASO Savings
The holding of this AGM — the first in over 10 years — is being widely viewed as a symbolic and strategic milestone, showing that ASO is back on track. The bank’s leadership has been praised for its stability, vision, and adherence to reform, all of which have reignited investor confidence.
What’s Next?
With shareholder support in place and strategic alignment underway, ASO Savings appears poised for a transformational journey — one that could see it reclaim its space as a leading player in Nigeria’s mortgage banking sector.
In a major boost to its revival journey, ASO Savings & Loans Plc has received enthusiastic support from its shareholders for its ambitious ₦120 billion recapitalisation programme, marking a new chapter for the mortgage bank. The approval came during the company’s first Annual General Meeting (AGM) in over a decade, held recently, signaling a strong return to corporate governance and compliance.
️ Shareholders Reaffirm Confidence in Leadership
Speaking on behalf of the shareholders, Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders, lauded the bank’s current management and board. He emphasized that shareholders are encouraged by the strategic direction of the bank, especially with the ongoing recapitalisation and planned integration with Union Homes Savings & Loans Plc.
“We fully support the ₦120bn recapitalisation programme and believe the merger with Union Homes will unlock new value, enhance ASO’s capacity, and strengthen its position in Nigeria’s mortgage finance ecosystem,” Umar stated.
Strategic Focus on Affordable Housing
Shareholders also applauded management’s focus on depositor protection and partnerships aimed at affordable housing, particularly for underserved segments like civil servants, the Nigerian diaspora, and those in the informal sector.
A Rebirth for ASO Savings
The holding of this AGM — the first in over 10 years — is being widely viewed as a symbolic and strategic milestone, showing that ASO is back on track. The bank’s leadership has been praised for its stability, vision, and adherence to reform, all of which have reignited investor confidence.
What’s Next?
With shareholder support in place and strategic alignment underway, ASO Savings appears poised for a transformational journey — one that could see it reclaim its space as a leading player in Nigeria’s mortgage banking sector.