The management of Akwa Savings And Loans Limited has announced that they will take serious measures against customers who have not been able to pay back the loans they got from the bank.

The Managing Director of the Mortgage bank, Mr Ebong Bassey reveal to newsmen in his office on Wednesday that the period of grace given to the debtor customers has since overdue and the bank is doing everything possible to recover the money, adding that the bank has taken possession of collaterals pledged by various customers and had commenced the process of auctioning to recover money owed.

He stated that some of the staffs who issued loans to some customers without proper documentation and collateral have all been sent on suspension, and EFCC will also help in recovering loans owed the bank

He also added that the action taken by the bank in recovering debts owed is in line with the CBN policies and will ensure that the bank does not go bankrupt.

“The current management has done quite a lot to re-position the bank from a near collapse state we inherited it. We have ensured that membership of professional and affiliate agencies; FMBN, MBAN, REDAN, etc were immediately revalidated through payment of outstanding dues and obligations. Outstanding liabilities to regulatory bodies; NDIC, CBN was also paid to ensure smooth and efficient operations. We are making progress with recovery, despite the bottlenecks and the legal obstacles. We remained resolved to doing the right thing”.

He announced that the bank is back to its founders’ dreams of creating a financial institution to deliver affordable housing to the people of the state.

“The bank has upgraded infrastructure in our satellite Estate thereby opening up the Estate to more development. While with the acquisition of 15.9 hectares of land from the Government, management has also taken steps to establish a new estate called Paradise Park. This action will open up yet another estate of Akwa Savings and Loans Limited for development” he added.