Gov. Emmanuel reveals top secret about Akwa Savings and Loans Banks' Colapse

Governor Udom Emmanuel of Akwa Ibom State has assured that all those culpable in the collapse of Akwa Savings And Loans Limited would be made to face the full weight of the law and all monies recovered would be ploughed back to revitalise the mortgage institution.

He said the bank was on the threshold of collapse because it lacked cooperate governance and transparency in financial services and announced that he was injecting funds to facilitate its resuscitation and reposition the state owned financial institution for efficient service delivery.
Governor Emmanuel stated this while receiving the report on the review of operations in Akwa Savings And Loans Limited within the period of January 2007 to May 2016 from the Board of Enquiry set up by the State Government at Government House, Uyo.
Governor Emmanuel announced that the financial house would become operational from September under a new management to enable it realize set obligations and expressed hope that the report submitted has chronicled appropriate recommendations that would facilitate the resuscitation and stability of the bank.
While thanking the enquiry committee members for their diligence in carrying out the assignment, Governor Emmanuel expressed the belief that their commitment to the task will reposition the bank for efficiency.

He said with the new management comprising seasoned bankers, the next annual general meeting of the bank would discuss profit of the finance house as well as dividend of shareholders rather than losses sustained as was the case in previous years.

Earlier, the Chairman Board of Enquiry for the review of the Bank Operations, Mr John Udoeyop thanked the state government for initiating the review saying that the Bank which has been a springboard for Small And Medium Scale Enterprises was in a state of extinction due to unethical practises.

He said the assignment has taken them to all the branches where they carried out assessment of banking operations as well as competence of personnel and called for the privatization of the bank with the new board members serving on oversight capacity.

This, and other recommendations, Mr Udoeyop said would allow for best practises as applicable in other financial institutions.

On his part, the Commissioner for Finance Mr Akan Okon, expressed appreciation to the Board members for their incisive investigation based on the terms of reference and expressed optimism that the bank, when fully operational, would justify government investment in it.

Mr Okon therefore called on the customers as well as people of the state to continue to patronize the bank assuring that it has been repositioned for efficient service delivery.

Other members of the Board of Enquiry at the occasion included the secretary Dr Otuekong Ukut, Mr Monday Akpan. Barr. Usen Usen, Mr Nsudoh Nsudoh, Mr Ekong Udoh and Mr Imo - Abasi Jacob.
The ceremony was witnessed by members of the state Executive Council , Chairman Akwa Ibom Investment Cooperation Dr Elijah Akpan, State Accountant General Mr Linus Nkang, among others.