The interview comes on the heels of Jubilee-Life Mortgage Bank Plc’s recognition in a special Vanguard editorial titled “Ten Most Dependable and Service-Oriented Mortgage Banks Contributing to Nigeria’s Economic Growth.” The listing underscores the bank’s growing industry reputation and provides independent validation of the operational discipline, financial strength and sector advocacy highlighted by its management. Together, both the recognition and this conversation reflect a mortgage institution positioning itself at the forefront of sustainable housing finance in Nigeria.

1. Tell us about yourself and what makes your organisation unique in the industry.

My name is Kayode Awolu. I have been a banker and financial expert for over three decades. My career spans underwriting — both as an insurer and as a banker — risk management, financial control, corporate banking, oil and gas, and most recently mortgage banking. I rose to the position of Deputy General Manager at Access Bank and served as Group Head at First Bank Plc before transitioning into mortgage banking.

I am an economist and a chartered accountant, and an alumnus of Lagos Business School and London Business School.

Jubilee-Life Mortgage Bank Plc is one of the leading mortgage banks in Nigeria. We currently have a balance sheet exceeding ₦30 billion, a deposit portfolio of over ₦20 billion, and shareholders’ funds above ₦8 billion. We have financed major real estate developments across Lagos, Ogun and Abuja, while also playing a significant role in expanding retail mortgage access in several Nigerian cities.

Beyond mortgage financing, we provide conventional banking services, including savings and current accounts, alongside technology-driven solutions such as mobile banking, internet banking, NQR code payments and ATM card services. While we maintain physical presence in Lagos, Abuja and Ogun states, our digital platforms enable us to serve customers nationwide and in the diaspora.

2. Given the steep increase in building material costs and high construction financing costs, how is Jubilee-Life structuring construction-to-mortgage financing to ensure project delivery and affordability for homeowners?

With an asset base exceeding ₦30 billion and deposits above ₦21 billion, we are well positioned to contribute meaningfully to addressing Nigeria’s housing deficit, estimated at about 32 million units.

We adopt a disciplined approach by profiling developers and partnering only with those who meet our risk acceptance criteria. Our robust credit risk framework ensures that we approve quality loans backed by verifiable and feasible repayment sources.

Once facilities are approved, we disburse sufficient funds to enable bulk purchase of materials listed in the Bill of Quantities (BOQ). This approach helps hedge against inflation and volatile material costs. Our approval process is efficient, ensuring that developers can commence and sustain construction without delays.

On the demand side, we structure retail mortgages for subscribers who provide between 20 and 30 per cent equity contribution. This ensures faster property uptake and reduces inventory risk. We also deploy professionals to supervise projects at different stages, maintaining quality standards and ensuring timely delivery.

3. With the planned National Mortgage Registry (NMR), how is your bank preparing for integration and what impact do you expect on approval timelines and risk management?

The National Mortgage Registry is a centralised digital database being developed by the Federal Government through the Federal Mortgage Bank of Nigeria to record mortgage transactions in real time, streamline verification processes and reduce inefficiencies within the sector.

Jubilee-Life Mortgage Bank is preparing both operationally and technologically to integrate seamlessly with the NMR. We have invested significantly in digital systems and process automation, strengthening service delivery and positioning the bank for smooth integration once the registry becomes fully operational.

We are also training staff on anticipated registry workflows and engaging with the Federal Mortgage Bank of Nigeria and relevant land registries to ensure proper alignment of land titles, borrower data and loan documentation.

We expect the NMR to significantly improve approval timelines, enhance underwriting accuracy, increase transparency and reduce fraud risk. Ultimately, this will strengthen risk management and make mortgage financing more accessible across different income segments.

4. With many states yet to domesticate the Model Mortgage and Foreclosure Law (MMFL), how are you managing non-performing loan risk and advocating for reform?

Our risk management framework operates on two levels: strong internal credit governance and active portfolio management.

We maintain clearly defined credit policies, procedures and processes, which are mandatorily reviewed at least every two years. Compliance with these frameworks is strictly enforced. Our credit portfolio undergoes periodic review — monthly, quarterly or biannually — from departmental level up to the Board Credit Committee. This layered governance structure enables early detection of potential deterioration and prompt remedial action.

Regarding foreclosure law domestication, we are proactive in industry advocacy. Through platforms such as the Mortgage Banking Association of Nigeria (MBAN) and the Nigeria Mortgage Refinance Company (NMRC), we participate in coordinated efforts to engage state governments, lawmakers and housing agencies on the importance of adopting the MMFL.

We also collaborate with key regulators and stakeholders, including the Central Bank of Nigeria, the Federal Mortgage Bank of Nigeria, and state housing ministries and land registries, to strengthen the mortgage framework.

In addition, we support market education initiatives through conferences, policy dialogues and thought leadership engagements to highlight how foreclosure law reform can unlock capital, reduce risk premiums and deepen mortgage penetration.

If more states adopt and implement the MMFL, the industry will benefit from faster collateral recovery, lower credit risk premiums, increased lending appetite and improved portfolio quality.

Until then, Jubilee-Life Mortgage Bank will continue to mitigate legal and credit risks through disciplined lending practices, proactive borrower engagement and prudent risk management, while sustaining advocacy efforts to support long-term sector reform.