* Shareholders ratify appointments of seven new directors

In its bid to remain the Mortgage Bank of choice in Nigeria, ASO Savings & Loans Plc has held its 16th and 17th annual general meeting (AGM) in the ancient commercial city of Kano.

The AGM held Wednesday approved the accounts of the 2013 and 2014 financial year and ratified the appointment of Risikatu Ladi Ahmed as the Managing Director/CEO by shareholders based on approval by the Central Bank of Nigeria (CBN) effective from 1st of May, 2021.

The shareholders also ratified the appointments of seven new executive directors namely Abdul Kofarsauri (non -executive), Umar IIiya Damagum (non – executive), Isiyaku Ismaila (non – executive), Daniel Dayo Kunle (independent director), Henry Semenitari (independent director) and two executive directors namely Richard Femi Bello and Enesi Makoju.

The shareholders, by consensus, appointed a 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 the shareholders were done through proxy attendance.

The reconstituted board, which membership has been described by finance industry experts as professionals with cognate experience, exposure and integrity, are set 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 turnaround 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.

Ahmed is the first female Managing Director/CEO of the bank and one of the nine female CEOs in banking that have been described as breaking the glass ceiling.