Shareholders of ASO Savings & Loans Plc have expressed their support for the  ongoing N120 billion recapitalisation of the bank. 

Speaking after the annual general meeting (AGM) of the bank, they said the steady progress being made under the current board and management has reinforced confidence in the outlook of the bank.

The shareholders noted that the holding of the AGM, the first in more than 10 years, signalled the return of the bank to effective compliance and operational excellence. 

The President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, who spoke on behalf of the shareholders, said the bank has made commendable progress under the current leadership.

“We fully support the bank’s ongoing N120 billion recapitalisation programme and the strategic  plan for integration with Union Homes Savings & Loans Plc, which we believe will enhance capacity, unlock new value, and strengthen ASO’s role in Nigeria’s mortgage finance sector.

“We are encouraged by the management’s commitment to depositor protection, and strategic partnerships aimed at expanding access to affordable housing — particularly for civil servants, the diaspora, and the informal sector.

“As shareholders, we are confident with the bank’s leadership and its growth strategy towards repositioning ASO Savings,” Umar said.

Shareholders assured that they would continue to support the strategic initiatives by the board and management.