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Tag: Mortgage

  • ASO Savings & Loans Plc Repositions – Holds AGM, Shareholders ratify appointments of seven new Directors.

    ASO Savings & Loans Plc Repositions – Holds AGM, Shareholders ratify appointments of seven new Directors.

    In its bid to remain the Mortgage Bank of choice in Nigeria, ASO Savings & Loans Plc on Wednesday held its 16th and 17th Annual General Meeting in the ancient Commercial City of Kano.

    The AGM which was held to approve the accounts of 2013 and 2014 financial year and also ratify the appointment of RISIKATU LADI AHMED as Managing Director/CEO by shareholders based on approval by the Central Bank of Nigeria effective from 1st of May, 2021.

    The shareholders also ratified the appointment of seven new executive directors namely Abdul kofarsauri (Non -Executive), Umar IIiya Damagum (Non – Executive), Isiyaku Ismaila (Non – Executive), Daniel Dayo kunle (Independent director) and Henry Semenitari (Independent director)
    and two executive directors namely Richard Femi Bello and Enesi Makoju.

    The shareholders by consecus appointed the Boardroom guru and President of the Association of the Advancement of the Rights of Shareholders, Dr Umar Faruk to act as interim Chairman of the AGM.

    All decisions ratified at the AGM by shareholders were done through proxy attendance.

    The reconstituted Board, whose membership has been described by Finance industry experts as professionals with cognate experience, exposure and integrity are set to to reposition the bank and take it to greater heights with best industry practice and corporate governance.

    Since May 2021, under the leadership of Risikatu Ladi Ahmed,
    the bank has witnessed a positive turn around in its fortunes through an aggressive loan recovery drive and implementation of new business plan to revitalize and bring the bank back to the path of growth and profitability.

    The meeting received, approved and adopted the company’s Audited Accounts for the year ended 31st December 2013 and those of the year ended 31st December, 2014. This was also done through Proxy Attendance as the Shareholders had already indicated their votes by completing and submitting their respective Proxy Forms.

    The shareholders elected three of their members- Ibrahim Oruma, Asya Abdullahi Umar and E-Amin Bello-as Shareholders’ Representatives on the Audit committee.

    ASO Savings & Loans Plc shareholders are optimistic that the bank is on the path of transformational change back to a leading Mortgage power house in the provision of Housing solutions in the country.
    Risikatu Ladi Ahmed is the first female Managing Director/ CEO of the bank and one of the 9 Female CEOs in banking that have been described as breaking the glass ceiling.

  • FG launches N13bn mortgage scheme for civil servants

    The Federal Government on Friday launched a N13 billion Federal Civil Servants Mortgage Refinancing Scheme to benefit 5,635 federal civil servants.

    The Minister of Finance, Mrs Kemi Adeosun, said at the launch in Abuja that the scheme was in line with government’s overall objective of providing the necessary stimulus to ensure growth in the economy.

    She said that in recognition of the importance of housing, the federal government had in the 2016 Budget provided N40 billion for the implementation of a comprehensive housing scheme.

    “This is to address the housing challenges facing the country, improve the living conditions and welfare of our work-force and people, as well as generate gainful employment for our teeming youths,’’ the minister said.

    Adeosun said that civil servants played an important role in nurturing and developing the nation.

    “It is only fair that those who serve the country can be afforded the opportunity of owning their own homes at retirement.

    “We have to put in place the right incentives as part of our anti-corruption drive to plug leakages,’’ she said.

    She said the scheme was a collaboration steered by the Office of the Head of Civil Service of the Federation and the Federal Government Staff Housing Loans Board (FGSHLB).

    The minister said that the Federal Integrated Staff Housing Programme (FISH) and the Nigeria Mortgage Refinance Company Plc (NMRC) were also part of the collaboration.

    She further said that the ministry had concluded arrangements to provide a complementary and sustainable housing market finance ecosystem to address the challenges of affordable housing.

    Adeosun said that this would be done through Family Homes Fund (FHF) Ltd., an innovative private sector-driven financing programme.

    According to her, the initiative is expected to catalyse funds from the private sector, pension and insurance funds, multilateral agencies and impact investors.

    The minister said the fund would be used to selectively intervene in the areas of developer financing and mortgage provision.

    She said that the scheme was being implemented in partnership with state governments which would contribute land with the necessary approvals.

    Adeosun called on willing investors to explore the investment opportunities and support the federal government’s initiatives towards providing affordable housing for Nigerians.

    The Managing Director, NMRC, Dr Charles Inyanete, said that it was imperative for the public and private sectors to come together to address the country’s housing problem.

    He said that the company had taken the housing value chain approach to deal with the challenges.

    “ We are looking at housing right from where we need to get land titles and infrastructure to support the land.

    “We are happy to see FHF stepping in to really help in providing the construction finance that is critical and in also providing the mortgages that will fit into our refinancing activities.

    “Our mission is to bring down the barriers that prevent home ownership by really providing the liquidity required by making home ownership more affordable and accessible,’ he said.