CBN approves Kogi Savings and Loans Application

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By Yabagi Ahmed

The Central Bank of Nigeria (CBN) has approved the application of Kogi State Savings and Loans Limited, Lokoja to operate as Primary Mortgage Bank (PMBs) in all states of the country, the only State-owned Primary Mortgage Institution(PMI) to attain the status in Nigeria.

Central Bank of Nigeria
Central Bank of Nigeria

The Firm is among the seven banks that were approved by the Apex bank.

This was revealed by the Ag General Manager of Kogi Savings and Loans Limited, Mallam Musa Muhammed in Lokoja.

He stated that out of the 89 Firms that applied for the consolidation exercise , only seven including the bank that were able to obtain the national license that allows them to operate in all the states while 33 other firms will only operate in one state of the country.

The Ag General Manager further stated that the CBN has been carrying on the consolidation of Mortgage Banks in the country adding that it is noteworthy that Kogi Savings and Loans Limited complied with capitalization requirement of n2.5 billion and also meet the minimum requirement of n5billion as demanded by the Apex Bank.

Mallam Muhammed stated that the CBN in 2010 has asked the 89 Primary Mortgage Intuitions (PMIs) in the country to recapitalize to N5 billion in which the policy from the country Apex Bank caused ripples in the banking sector the country.

The Ag. General Manager commended the vision of the State Governor, Capt Idris Wada for the bank stressing that approval from the Apex bank has once again confirmed the governor’s interest in rejuvenating the bank and restoring public confidence in it.

Mallam Muhammed expressed the optimism that with the caliber of men in the 6-member board appointed for the bank headed by Mr. Danjuman Ocholi, a seasoned banker and former managing director of NUB Merchant bank, the team make the bank a model and deploy their wealth of experience to positively turn around the fortunes of the 21 year-old bank.

It would be recalled that while inaugurating the 6-member board for the bank in November last year, Capt Wada charged them to take the bank to a higher pedestal and restore the confidence of the depositing public in the bank and charged them to initiate policies that will grow the bank

The bank presently has six (6) branches in Kabba, Central Market Lokoja, Okene and Ajaka and hoped to add two more in Ankpa and Kotonkafe.

Source: Graphics

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