NDIC tasks Aso Savings and Loans on good corporate governance

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Abuja – Alhaji Umaru Ibrahim, Managing-, Nigeria Deposit Insurance Corporation (NDIC), has advised Aso Savings and Loans Plc to  always ensure good corporate governance.

This is contained in a statement by the Head, Communications and Public Affairs of the Corporation, Mr Hadi Birchi, Thursday in Abuja and made available to the News Agency of Nigeria (NAN).

According to the statement, Ibrahim made the remark when the management of the bank visited him after taking over Union Homes Savings and Loans (UHSL) Plc.

It quoted Ibrahim as saying that “ the initiative will not only give all depositors and staff of UHSL a new lease of life but promote public confidence in the banking system.

“ The task before the management is to maintain the confidence reposed on it by the board, shareholders and the supervisory authorities by ensuring higher and quality service”.[pro_ad_display_adzone id=”10″]

Ibrahim enjoined the mortgage bank to embark on a process of effective communication of its turn around plan, to promote confidence and trust of its depositors.

He also advised them to establish a free Help Desk and other effective communication channels such as radio and television jingles to reach out to existing and prospective .

“ This is in order to overcome potential risks of rumours which may trigger a run on both Aso Savings and Union Homes,’’ it quoted Ibrahim as saying.

The statement also stated that Mr Hassa Usman, the Managing Director of Aso Savings and Loans Plc, in his response, expressed appreciation to the corporation for its usual support.


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Usman assured NDIC of full implementation of the recommendations of the supervisory authorities, to ensure sound management of both institutions.

He said: “ Henceforth, Aso Savings Plc would control about 92 per cent of the shares of UHSL Plc and the institutions would be managed independently for six months before their final merger.’’ (NAN)