ASO Savings and Loans Plc has reached a significant milestone in its transformation journey, having successfully cleared 10 years of outstanding audited financial statements.
This achievement reaffirms the Bank’s strengthened commitment to transparency, regulatory compliance, and long-term financial sustainability under the leadership of Risikatu Ladi Ahmed, who assumed office as Managing Director/CEO in 2021.
The announcement was made during the Bank’s 18th to 27th Annual General Meeting (AGM), held virtually on Monday, June 30, 2025.
With an endorsement from both regulators and shareholders, the audited accounts for the financial years 2015 to 2024 were formally approved.
A review of the Bank’s published financials confirms that ASO returned to profitability in 2021 and has maintained this trajectory over four consecutive years. In its 2024 audited accounts, the Bank reported a rise in interest income to ₦1.3 billion, up from ₦1.1 billion in 2023, along with a Profit After Tax (PAT) of ₦82.8 million, reinforcing its consistent growth and operational resilience.
The chairman of the board , Mr Abdul Kofarsauri in said:
“Restoring shareholder value is a core objective. Once the recapitalization is completed and profitability is sustained, dividend payments will be reconsidered. The current focus remains on strengthening the balance sheet and ensuring long-term viability.”
Speaking at the AGM also, Dr. Faruk Umar, National President of Association For The Advancement Rights Nigerian Shareholders, commended the Bank’s performance:
“The orderly presentation of the accounts and the strategic updates from management give us renewed confidence in the institution’s direction.”
Since 2021, the Bank—under Risi Ahmed’s leadership—has reversed over ₦6 billion loss and implemented sweeping reforms across governance, operations, and finance. These efforts have not only restored profitability but also laid the foundation for a successful recapitalization and long-term sustainability.
Responding to shareholders ‘questions, Risikatu Ladi Ahmed reiterated management’s focus:
“In four years, we’ve stabilized the Bank, restored profitability, and paved the way for recapitalization. Our team is rebuilding ASO with integrity, discipline, and a clear sense of direction. The worst is behind us. We are not just running a bank—we’re rebuilding an institution Nigerians can trust again.”
With legacy issues resolved, transparent governance restored, and consistent financial gains recorded, ASO Savings and Loans Plc is emerging as a revitalized force in Nigeria’s mortgage and financial services sector—anchored on innovation, accountability, and inclusive growth.
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