By Princewill Ekwujuru
Most businesses need access to outside funds, some continuously and others for parts of an annual or trading cycle. In advanced countries, businesses rely heavily on the banking industry to provide these crucial funds, likewise in Nigeria, and will continue to do so.

But new pressures on the banks mean that attitudes to lending (mortgage financing) are shifting, and will change further over the coming years, because Corporate management requires to understand these dynamics and plan accordingly, but some banks tend to have risen to the challenges.

Banks are under pressure to earn improved returns on their capital. Proposed regulatory changes to the way banks are required to allocate capital to lending may also affect the return structure, to forestall the above, First Bank Nigeria Plc in line with its commitment to promote infrastructural development is funding the re-construction of the Tejuosho market, as its also offering mortgage facilities to empower traders to own shops in the market.

However, mortgage financing is not their most profitable activity, which carries obvious risks, but today, banks are becoming more cautious about their lending policies, privy of the risks, First Bank is shifting the risks aside and forging ahead in providing mortgage finance to the affected Tejuosho traders.

Also privy of the consequences, the bank is not only interested in financing the Tejuosho market project, but it is concerned about the economic impact the project will have on the Nigerian economy, as well the traders.

For  easier repayment, the bank has  laid a well structured mortgage repayment plan that will not be stressful to the traders, paying  N5.4 million for lock- up shops for a period of eight years and N850, 000 for  K-Klamp halls, for traders who are interested in the re-constructed Main Tejuosho shopping complex, razed by  fire including the concomitant loss of human lives and property.

As aresult of this, the Lagos State Government in collaboration with First Bank decided to redevelop the market in order to alleviate the sufferings of the traders, reduce the challenges  being faced by patrons of the market and create a model shopping environment for the new Lagos.

Acting in line with the desire of the Lagos State Government, the Ministry of Physical Planning invited Stormberg Engineering, among other bidders, to submit a proposal for the re-development of the burnt market. This was in recognition of the historic and socio-economic importance of the market to the people and the state government, for these reasons also, First Bank had to throw her weight  into financing the project that houses 4,040 shops, a car park for 220 cars, 15 cold rooms, alternative power supply and 21st Century security management.

Traders who have completed payment for their shops were presented with dummy keys by Mr. Bisi Onasanya, Group Managing Director and some top management staff of the bank to the shops, an assurance that full payment has been made.

Speaking, Alhaja Ganiyatu Dosunmu, Iyaloja General, Tejuosho Market was full of encomium for the bank for bring a sign of relief to the traders for granting  mortgage to the traders, she however prayed for the speedy completion of the complex and the growth ofv the financing bank.