Atika Balal
3 November 2008
ASO Savings and Loans Plc has introduced a tailor-made home finance solution called 'My House Account; a targeted savings account with a minimum of 6 month's equity savings period at an attractive interest rate.
ASO Savings and Loans Plc has introduced a tailor-made home finance solution called 'My House Account; a targeted savings account with a minimum of 6 month's equity savings period at an attractive interest rate.
Joshua Maikori who represented the chairman, ASO Savings, at the commissioning ceremony which held on Thursday in Kaduna, said the account holders would be entitled to opt for properties being developed by ASO's partner estate developers nationwide.
He said that account holders will automatically be subscribed to ASO's information network through which privileged information on available property will be communicated.
"As at March 2006, the bank had a shareholders fund in the region of N5bn and a total mortgage asset of N3.3bn.This necessitated the appointment of a new management to embark on an aggressive transformation of ASO aimed at positioning the company into a world class financial institution, especially, to stimulate and fill the vacuum created by the un-served mortgage sector in Nigeria," he said.
He said that between November 2006 and January 2007, ASO transited from a majority government owned company to a majority privately owned company with government holding about 16% of the company's equity and in the process, acquired over 3,000 new shareholders.
"As at December 2007, ASO had shareholders funds in excess of N4.5bn was and listed on the floor of the Nigerian Stock Exchange on April 25."
He added that in 2007 ASO was the first originator of mortgages in Nigeria and also the largest provider of mortgages under the sale of Federal Government houses in the territory.
"Over N30 billion worth of mortgages were originated for over 11,000 people for their homes representing more than 64% of the entire mortgages on properties sold by the FCT. ASO single handedly spearheaded the first tranche disbursement of the N100bn FMBN Mortgage Backed Bond and it is currently one of the top 3 financial institutions in Nigeria in terms of mortgage assets," he said.
Also speaking at the event, a representative of the Kaduna State Governor, Commissioner of Works, Sani Sidi, said that the Kaduna State Government has articulated an 11 point agenda that would benefit its citizens particularly in the area of affordable housing for civil servants and low income earners.
ASO was incorporated in 1995 as a Primary Mortgage Institution, and formally commenced business on January 2, 1997and converted to a public liability company on September 22, 2005.
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