ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt

ASO Savings and Loans Plc has marked a major milestone in its turnaround journey, having cleared 10 years of outstanding audited financial statements, a move hailed by shareholders and regulators alike as a bold step toward transparency, regulatory compliance, and long-term stability.

The announcement was made during the bank’s 18th to 27th Annual General Meeting (AGM), held virtually on Monday, June 30, 2025, where shareholders formally approved the audited accounts covering the financial years 2015 to 2024.

Under the leadership of Risikatu Ladi Ahmed, who took over as Managing Director/CEO in 2021, ASO Savings had not only restored transparency but also returned to profitability, maintaining a positive trajectory for four consecutive years.

In its 2024 audited results, the bank reported a rise in interest income to ₦1.3 billion, up from ₦1.1 billion in 2023, and a Profit After Tax (PAT) of ₦82.8 million, signaling consistent financial growth and resilience.

Addressing shareholders during the AGM, Chairman of the Board, Abdul Kofarsauri, emphasised the bank’s focus on sustainable growth:

“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.”

Commending the bank’s performance, Faruk Umar, National President of the Association for the Advancement of Rights of Nigerian Shareholders, expressed renewed confidence in ASO’s trajectory, “The orderly presentation of the accounts and the strategic updates from management give us renewed confidence in the institution’s direction.”

Since 2021, ASO Savings had reversed over ₦6 billion in losses and implemented wide-reaching reforms in governance, operations, and finance, helping reposition the institution in Nigeria’s financial services sector.

Responding to shareholders’ questions, MD/CEO Risikatu Ladi Ahmed reiterated management’s mission:

“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.”