Debt Recovery Priority for Afribank

Afribank Nigeria PLC have announced that debt recovery, confidence building, improvement of process and stabilization are top of their list of priorities.

The announcement was made to over the past weekend to staff at the Bank of Lagos by the management team led by Mr Nebolisa Arah, with Mr Arah being the Group Managing Director/CEO of Afribank saying that “we must recover the loans. It is a rape. The authorities are determined that we must get those loans back into the coffers of the Bank.”

Continuing, Mr Arah said “The task ahead of us is clear. All of us are going to be involved and we must see the present challenges facing the Bank as an opportunity to redefine our presence in the market. We must return to the basics of banking and set agenda for ourselves. We will work-hard to change the mix of our assets.”

Mr Arah also noted that the continuity plan would be worked upon by the new management team, along with staff, to make sure that bank operations ran smoothly. Mr Arah also explained that the management action plan would be based around “stabilization, restoration of confidence and improved business process and performance.”

Mr Arah went on to say that “We are succeeding in our first key assignments which are to stabilize the Bank, secure and sustain the confidence of the banking pubic, our customers and stakeholders on the ability to serve them better and more efficiently. I believe that there is light at the end of the tunnel. There is much value in the brand and assets of the institution. With the support of staff, we will come out of the present situation stronger and better.”

Listing Afribank as having rich experience, wide diversification, a strong work force, robust IT, market friendly services and products, a sound business plan and commitment of staff, Mr Arah finished by saying “Our desire and goal is to ensure that we achieve much in less time. We will soon be in a position to be net placer of funds at the interbank market.”