News: Why Akwa Ibom MfB is Disengaging Over 90 Employees

Akwa Savings and Loans Limited - Following the disengagement of 40 employees and 50 others on waiting list to go into the Labour market, Managing Director/CEO, Akwa Savings and Loans Limited, Mr. Ebong Bassey, has said that it is a move to restructure and reposition to meet global standard.

He said this at a media parley stating, We have disengaged 40 of our staff and very soon more than 50 others will also be disengaged. This is in a move to aggressively restructure the bank and re-position it for global competitiveness.

Bassey said that the move would also strengthen the capital base of the bank, adding that some of the bank branches would be shut down to enhance productivity and quality control.

He blamed the previous management for running the bank as a charitable organization, disclosing that some of the employees of the bank who have been indicted by a special panel on various cases of fraudulent practices are being interrogated by the police and the Economic and Financial Crimes Commission (EFCC).

He explained that his management team inherited N1.8 billion debt and within five months of his assumption of office, recovered N1.4 million, We are doing everything within our power to ensure that we recover all the money.

The managing director promised to publish names of the bank's debtors as soon as the external auditors submit their report in March, even as he assured esteemed customers that the new management was resolute to re-position the bank to meet modern banking standards.

Source: Vanguard