BREAKING:Adamawa Mortgage Bank to Fully Commence Operations by End of Month - Gov Fintiri

By Barnabas Augustine 

The Adamawa State Governor, Rt Hon Ahmadu Umaru Fintiri, has disclosed that the state Mortgage Bank will fully commence operations by the end of the month.

The bank, formerly known as Adamawa Homes and Savings, was thrown into turmoil following the revocation of its licence. However, thanks to the backing of Governor Ahmadu Umaru Fintiri, it has emerged from the ashes with a fresh mandate.

The governor made the announcement during an official visit to the State Mortgage Bank to assess its readiness for reopening. He pledged to revolutionise property ownership in the state, offering a raft of new services and a renewed focus on ordinary citizens.

Governor Fintiri assured the bank's customers of the safety of their deposits, which were held in the bank when it was closed by the Central Bank of Nigeria (CBN).

"I assure all our customers that nobody has lost anything. It is just an administrative challenge that the Mortgage Bank had to go through with the CBN," Governor Fintiri assured.

"We will revive the bank, which was closed by the Central Bank of Nigeria and taken over by the Nigeria Deposit Insurance Corporation (NDIC) because we were unable to meet the capitalisation level instructed by the Central Bank. We met with the CBN, which gave us a window to recapitalise, which we have already done."

Governor Fintiri expressed his government's readiness to give maximum support to the Mortgage Bank to fully deliver its services and meet the people's needs.

The General Manager of Adamawa Mortgage Bank, Norris Stanley Giscard, explained that the CBN revoked the licence of Adamawa Homes and Savings because the CBN Act 2013 required all mortgage banks to recapitalise to the tune of N2.5 billion. As of 2013, Adamawa Homes and Savings fell short of this requirement.

He stated that Governor Fintiri has now provided a capital base of N2.54 billion. The State Mortgage Bank's capital base now meets the requirements of the CBN and NDIC. Additionally, the total assets base stands at N4.6 billion.

Giscard outlined ambitious plans for the bank, including the introduction of online banking and ATM facilities. Customers can look forward to a wider range of financial products, such as term loans, overdrafts, and assistance with National Housing Fund contributions.

At the heart of the bank's mission, he said, is the provision of affordable mortgages to help residents realise their dream of owning a home.

Giscard emphasised the bank's commitment to serving the needs of ordinary people, promising a new era of accessibility and support for homebuyers.