Akwa Savings and Loans Limited, a mortgage bank owned by the Akwa Ibom State government, has achieved remarkable milestones under its current management since 2021, turning the bank’s fortunes around from near insolvency.
During the July Management Performance Review (MPR) held at the bank’s headquarters in Uyo, Chief Financial Officer (CFO) Mr. Akwere Essien highlighted several accomplishments of the administration. These include the bank’s first-ever consistent audited profits, a 607% surge in revenue, a 40% increase in deposits, and a 97% expansion in balance sheet size. Other achievements include growth in shareholders’ equity, clearing of salary arrears, recovering over N200 million in previously written-off loans, and the digitization of operations through advanced banking tools such as mobile apps, POS systems, and ATM cards.
Essien noted that these improvements have elevated the bank’s reputation, both nationally and internationally. He further mentioned that the bank was recognized by Interswitch Nigeria in 2022 as the fastest-growing mortgage bank in e-channel activities and has been accredited by the Federal Mortgage Bank of Nigeria (FMBN) to offer services under the National Housing Scheme.
The CFO also revealed a Memorandum of Understanding (MoU) with investors to build 200 modular housing units at Paradise Park Estate, near the Ikot Oku Ikono Flyover in Uyo.
Employees of Akwa Savings and Loans Limited credited the remarkable turnaround to the visionary leadership of Managing Director and CEO, Pastor Ime Okon. Staff members expressed confidence in his leadership, praising his efforts to guide the bank toward profitability and passing a vote of confidence in his administration.
Pastor Okon, in turn, acknowledged the contributions of the bank’s workforce, emphasizing their dedication as a cornerstone of the bank’s success. He also commended the Akwa Ibom State Government, the major shareholder, for its unwavering support, and lauded the favorable business environment fostered by Governor Umo Eno’s administration.
Okon pledged continued rewards for employees who demonstrate commitment and contribute to the bank’s ongoing growth and expansion efforts.
