Akwa Savings And
Loans Posts Profits
Akwa
Savings and Loans Limited, a primary mortgage institution owned
by the Akwa Ibom state government in Southern Nigeria, has
posted N88 million profits for the Year 2008.
It is the first time the company has recorded profit since its
inception in 1995.
The company’s business portfolio included Akwa Saving
Metropolitan Estate at Aka-Itiam, Uyo and two other on-going
estates at Ikot Ekpene and Uyo Phase II.
Unprecedented
The news of profit making by the finance company comes at a time
of reforms in the banking sector which saw many commercial banks
declaring losses.
The Chairman, Finance and General Purposes Committee of the
company’s Board, Mr Joseph Effiong, announced the figures in Uyo,
the state capital.
Effiong said that over
the years, the company incurred losses valued at N239
million, because of weak management and unqualified and
ill-motivated staff.
Assets
The financial outfit has a limited capital base of N520
million with a customer base of 15,000 depositors. It has
five branches in the host state with ownership structure of 60
percent by the State. The Ministries of Finance, Transport and
Justice hold 20 percent each.
Akwa Savings’ present board was inaugurated in October 2008 and
the new board embarked on massive human capital development
within and computerisation of operations.
The finance company has
concluded plans to extend its operations to other cities in
Nigeria, starting with Abuja, where it has acquired 12.5
hectares of land for estate development.
NAN/Yinka
