Interim Management of Kogi Savings and Loans Begins Recapitalization Drive

 

  The Interim Management Board of Kogi Savings and loans Ltd has began the ordous task of repositioning the institution. This was made known to the Graphic in an exclusive interview with the Secretary of the Board, Barrister Adejo Amego.

  Barrister Amego noted that one of the major lapses met on ground was that the sum of  N2,500,000,000 which was supposed to have been paid into the Central Bank of Nigeria to recapitalize Kogi Savings and Loans had not been done by the previous management. He added that due to this development, CBN had since January last year ceased any form of communication with Kogi Savings and loans.

The Secretary of the Board added that lack of proper human capacity was another challenge that bedeviled the institution. "We have assessed the six units within the bank and the major challenges in this units are lack of training, some units are understaffed, the I.T department is basically non-existent and the five branches of the institution are not online real time. At the end of the month the other branches come here to do their posting which is not what a banking system should be in the year 2016" He said.

Barrister Amego further explianed that in the 3 months it assumed office, the board had done some major work as regarding recaptilization. One of such plans in the works is the intention by the Board to sell one of its properties, the Lokoja International Market valued at  N6,000,000,000 as a viable tool for recapitalizing Kogi Savings and Loans Ltd.

Also in the area of human capacity development,Barrister Amego revealed that reorganization of all units in the organization through formal trainings thrice a week was presently ongoing. " The institution is making plans to revamp its ICT department by bringing top notch consultants to work in that department, as part of its primary responsibilty as a mortgage bank for lower bracket income earners there are plans by the institution to sell its 121 plots of land at Poly  Quarters to developers for a model housing estate tailored to meet needs of the lower bracket income earners in the state" He said.