CBN approves change of name for police mortgage bank

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The Central Bank of Nigeria has approved the change of name of Fokas Savings and Loans Limited, an Abeokuta-based Primary Mortgage Institution (PMI) acquired by the Nigeria Police, to the Nigeria Police Mortgage Bank Limited.

This is coming on the heels of the successful fulfilment of the CBN’s guidelines for the acquisition of the Primary Mortgage Institution by the Nigeria Police Force including the payment of N3.95billion capital.

The apex bank has also approved the appointment of the Board of Directors of the bank with the Commissioner of Police in charge of the Police Cooperative Society Limited as the Chairman, and Mr. Bola Adebayo as the Managing Director and Chief Executive Officer of the new mortgage bank.

The bank, presently, has an authorized share capital of N5.5billion out of which N3.95billion has already been paid up by the Nigeria Police.

It should be noted that this recent achievement is part of the efforts of the present Inspector-General of Police, Mohammed Dahiru Abubakar, to cater for the welfare of all officers and men of the Force by ensuring that every serving or retired Police officer owns his or her own house through the new Nigeria Police Mortgage Bank Limited.

A statement signed by Abayomi Shogunle, Assistant Force Public Relations officer, said, “Currently, machineries have been set in motion to ensure fast and early issuance of share certificates to all shareholders of the bank, who are mostly Police personnel”.

He added that “arrangements have been concluded for the commissioning of the new corporate Headquarters of the Bank located at Plot 11 Port Said Street, Wuse Zone 4 Abuja”.

“The Inspector-General of Police, MD Abubakar has described the feat as a turning point in the history of the Nigeria Police, and called on all officers and men of the Force to take advantage of the opportunities provided by the new mortgage bank” he said.

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