Governor Dapo Abiodun, has commended the management of Ogun State owned
Gateway Mortgage Bank for the transformation of the Bank into a financially stable entity through its professionalism and ethics of the banking industry.
Governor Abiodun gave the commendation during the 7th Annual General Meeting of the Bank, at Mitros Residence, Oke-Ilewo, Abeokuta, emphasising the importance of efficiency in financial institutions, particularly in optimising deposits and resources to maximise profits.
The governor said the Bank had played a pivotal role in housing development across the state, through the provision of accessible mortgage solutions that enable people to enjoy affordable housing, thereby contributing to the state’s economic growth and improved standard of living of residents.
Abiodun who was represented by the State Commissioner for Finance and Chief Economic Adviser, Mr. Dapo Okubadejo, underscored his administration’s proactive approach to implementing policies that address the housing needs of the people, while creating business opportunities for financial institutions like Gateway Mortgage Bank.
He highlighted the present government's initiatives on housing development to include, provision of various housing units across the state and enhanced administrative processes, such as the unbundling of Ogun State Land Administration and Revenue Management System (OLARMS), to fast-track the acquisition of Certificates of Occupancy (C of O), saying the move was to redesign and attract the private sector developers, to complement government’s efforts in ensuring affordable housing and creating wealth.
"We are resolute in our determination to ensure that housing, which is a very important aspect of social well-being for our people is continuously supported through our policies and initiatives. We have seen significant growth in the activities of our Gateway Mortgage Bank, not just compared to last year, but since 2019, when we took over”, he said.
Earlier, Chairman of the Board of Directors of the Bank, Evang. Samuel Durojaiye, expressed gratitude to the current administration, as well as Ministries, Departments and Agencies (MDAs) of government for their support, which had turnaround the bank for the better.
Durojaiye revealed that the Bank had disbursed over one billion naira as loans to 466 clients, including Public and Civil Servants and private individuals, as well as facilitated mortgage financing for properties at Kobape and Prince Court Estates.
He further highlighted the Bank’s partnerships with other financial institutions, such as the Nigerian Mortgage Financing Company and the Federal Mortgage Bank of Nigeria, which had bolstered its capacity to support a larger number of people interested in mortgage financing, assuring its higher financial performance in subsequent years, as well as disbursement of maiden dividends to shareholders by the end of the current financial year.
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