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FMBN Commends Platinum Mortgage Bank on Mortgage Creation

The Federal Mortgage Bank of Nigeria (FMBN) has commended and promised to partner more with leading primary mortgage institution, Platinum Mortgage Bank Plc.

This was made known by the MD/CEO of FMBN, Ahmed Dangiwa on Monday when Platinum Mortgage Bank paid the bank a courtesy call at their headquarters in Abuja.

Speaking at the meeting, Dangiwa said that Platinum Mortgage Bank is one of their biggest partners and is one of the most performing primary mortgage banks in Nigeria.

Dangiwa who commended Platinum Mortgage Bank on their recent recapitalisation said that FMBN is willing to partner with them in the delivery of affordable home ownership in Nigeria.

‘’Platinum has been a very critical stakeholder to National Housing Fund and have created mortgage loans worth over N10 billion currently and it is still running, and they are all performing loans.

‘’Through Platinum Mortgage Bank, we are still committed to advance more facilities for home ownership. We are willing to partner with them to create an enabling environment for further synergy in the service delivery of home creation to Nigerians.

‘’We are happy to hear that they are being recapitalised to N7billion and are about to reach up to N10billion capitalisation. With this I think the bank should be able to come back again and do a lot of business with us. We wish to congratulate them on that and hope that they can even acquire smaller PMBs in order to have broader base. That is the only way to strengthen the market. There are a lot of PMBs that are not performing. These are the kind of PMBs they can absorb in order to strengthen their base,’’ he said.

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In his response, the MD/CEO of Platinum Mortgage Bank, Emmanuel Mbaka said himself and the board of the bank were satisfied with the outcome of the meeting.

‘’We came here to interact with our biggest trading partner, the Federal Mortgage Bank of Nigeria. The chairman and all board members of Platinum Mortgage Bank came on fact finding and courtesy visit to the management and board of FMBN. They are our biggest partner in the area of loan creation which is the main focus of the bank.

Platinum Mortgage Bank is one of the leading mortgage banks in Nigeria and has as at today recapitalised to the sum of N7 billion, and its share capital is set to move up to N10 billion next year.

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