Debts Grounded Akwa Savings – Says MD


In a bold step to reposition the Akwa Savings and Loans Limited, the management of the bank is embarking on an aggressive loans recovery drive which has so far yielded about N64 million.

The new Managing Director of the bank, Mr. Ebong Bassey told newsmen in Uyu, the state capita that the bank hopes to recover about N100m which customers owed the bank before the end of the year.

Mr. Bassey who appealed to customers who owe the bank to pay up disclosed that the customers owe Akwa Savings about N1.5 billion which they collected as loans.

Mr. Bassey said since the new management assumed duties four months ago, the management has carried out personnel audit, drew up a 5-year strategic Road Map and embarked on aggressive loans recovery.

The management has also carried out Financial Audit for about 10-years, implemented the Financial Report of the External Auditor as well as implemented government’s Intervention Report for the Bank.

Recently, the management and Board of the bank met at a strategic session where they show- cased the bank’s 5-year road map for the survival of the financial institution.

Commenting on the mortgage status of the bank, the Managing Director said mortgage remains the main focus of the new management and promised to build affordable houses for workers and people of Akwa Ibom.

He disclosed that the state government has allocated land to the bank at Mbiokporo, near the Godswill Akpabio International Stadium for the construction of affordable houses for the people.

The Managing Director said Akwa Savings is presently working with the Federal Mortgage bank of Nigeria to ensure that at least 200 civil servants have access to affordable homes within two years.

He regretted that 35,000 civil servants across the country who contributed to the National Housing Fund were yet to be provided with homes assuring that Akwa Savings will not disappoint prospective homes owners who transact business with it.

Mr. Bassey disclosed that the head office of Akwa Saving will soon relocate to its permanent site at Abak road Housing Estate in Uyo and called on all customers to note the change.

He said the bank’s branches in Uyo, Oron, Eket, Abak and Ikot Ekpene are fully functional and would continue to do so under the new management.

Mr. Bassey said although the Akwa Ibom State government owns 100 percent shares in the bank, the bank which is a limited liability company should be managed profitably without the help of government.

On staff emolument, the bank boss said the new management has been able to pay staff salaries and other entitlements following the state government’s intervention in this regard.

Speaking on the current recession facing Nigeria, the banking guru, who has 22- years expericne in banking, said the way out of recession is for all Nigerians to return to the farms to produce food for consumption and sales.

The new Managing Director of Akwa Savings, Mr. Ebong Bassey had worked in Diamond Bank, First Bank, First City Monument Bank, Intercontinental Bank and Access bank before coming to Akwa Savings and Loans Limited.