Union Homes: NDIC Tasks Aso Savings On Take Over

The Nigeria Deposit Insurance Corporation (NDIC) has urged the management of Aso Savings & Loans Plc to enthrone sound corporate governance in the take-over of Union Homes Savings and Loans (UHSL) Plc.

The managing director/chief executive of the NDIC, Alhaji Umaru Ibrahim, made this remark when the management of Aso Savings and Loans Plc visited him in Abuja.

This initiative, he said, would not only give all depositors and staff of the UHSL Plc a new lease of life but would also go a long way to promote public confidence in the banking system.

According to the NDIC CEO, the task before the management is to maintain the confidence reposed on them by their board, shareholders and the supervisory authorities by ensuring higher performance and quality service. Ibrahim enjoined the mortgage bank to embark on a process of effective communication of its turnaround plan with a view to promoting confidence and trust of its depositors.

He, therefore, advised them to establish a toll free help desk and other effective communication channels such as radio and television jingles and talk shows to reach out to existing and prospective customers in order to overcome potential risks of rumours which may trigger a run on both Aso Savings & Union Homes.

Responding, the Aso Savings and Loans Plc, managing director/CEO, Mr Hassan Musa Usman, expressed his appreciation to the corporation for its support in resolving the Union Homes problem. He assured the NDIC of full implementation of the recommendations proffered by the supervisory authorities that would ensure sound management of both institutions.