…, promises to revitalize the company.
The Secretary of the interim Board of the Kogi state owned Savings and Loans Limited, Barrister Adejoh Amego, has vowed to recover all monies owed the company.
Amego gave the indication yesterday in Lokoja while speaking with some journalists on the activities of the company.
He advised the debtors to put machinery in place to start immediate repayment, assuring that he will use all legal means to revamp the ailing financial institution. Just as the board has threatened to revoke the company’s Site 1 service scheme, he urged defaulters to defray their financial liabilities to the bank, stressing that he has come to stop the system of giving loans for political considerations.
He said, having carefully studied the financial standing of the company, it was showing potential of early recovery if needed attention by all the stakeholders is given to the company. He stressed that the board will deploy the global best practices in the management of the institution.
“After careful study of the company profile, I was convinced that the bank can be turned around if all hands are on deck to revitalise it.
“We will ensure that every Naira and kobo owed the company either by individuals or corporate organizations will be recovered. The era of giving loans or financing a bond without due process is gone.
“We will employ democratic means at recovering the company, it is one of the legacies of the state and we will not allow it to close shop due to the activities of some unpatriotic kogites”.
Amego added that discussions are on going with the CBN and other major stakeholders on how to recapitalise and restore the investors confidence in the company assuring the customers not to panic as the Board is working hard to bring back the fortunes of the Bank in a short possible time.
He however warned allottees to comply with the demand notice issued to them , charging them that failures to meet up with the terms and conditions of the award will lead to the forfeiture of the plot of land earlier awarded them
It would be recalled that the Kogi State Savings and Loans Limited was established by the administration of the former governor of the state, late Prince Abubakar Audu but its fortunes started to drop with successive administrators in the state, prompting the incumbent administration to seek ways of revitalizing it with the composition of a new interim management board under the leadership of Alhaji Faruna Yusuf.