Affordable home: FMBN reassures partnership Platinum Mortgage Bank


By Oluwaseun Sonde

The Federal Mortgage Bank of Nigeria (FMBN) has reassured its commitment to continue partner with the leading primary mortgage institution, Platinum Mortgage Bank Plc to deliver affordable homes.

This was made known by the managing director of FMBN, Ahmed Dangiwa on Monday when Platinum Mortgage Bank paid the bank a courtesy call  at their headquarters in Abuja.

Speaking at the meeting, Dangiwa said that Platinum Mortgage Bank is one of their biggest partners and is one of the most performing primary mortgage banks in Nigeria.

Dangiwa who commended Platinum Mortgage Bank on their recent recapitalisation said that FMBN is willing to partner with them in the delivery of affordable home ownership in Nigeria.

Among one of the reasons for the courtesy call according to the MD/CEO of Platinum Mortgage Bank, Emmanuel Mbaka was to also seek the intervention of FMBN in resolving the ongoing dispute between Platinum Mortgage Bank and the government of Nasarawa state over a loan package, which Dangiwa promised to help out in resolving the matter.

‘’Our role is to crave their indulgence to pay you your own due for services rendered. We have an extent to which we can intervene, but we will write them and copy you to pay you for your services,’’ he said.

In the area of doing business together, Dangiwa further mentioned that Platinum Mortgage Bank is truly working hard to meet certain requirements set by the Central Bank of Nigeria (CBN) in terms of raising its shareholders fund.

‘’We also hope that the CBN can also relax these rules so that primary mortgage banks like yours that are creating mortgages can have access to more opportunities, because there are some that are not even creating mortgages at all like you are doing,’’ he said.

In his response, the MD/CEO of Platinum Mortgage Bank, Emmanuel Mbaka said himself and the board of the bank were satisfied with the outcome of the meeting.

‘’We came here to interact with our biggest trading partner, the Federal Mortgage Bank of Nigeria. The chairman and all board members of Platinum Mortgage Bank came on fact finding and courtesy visit to the management and board of FMBN. They are our biggest partner in the area of loan creation which is the main focus of the bank.

‘’We are very happy that the MD himself has taken up the challenge to champion our course. We have agreed that we are going to have a meeting in a fortnight to agree on all the points that were raised today,’’ he said.

On the challenges of delivering on its core mandates of providing affordable mortgage to Nigerians, Mbaka said; ‘’funding has been identified as the major obstacle we have in the industry. As I speak, the board and management of FMBN working with the government are trying to recapitalise federal mortgage bank to the volume where the issue of funding will be a far cry and a thing of the past, in which case we will have more than sufficient funding for creating mortgages for Nigerians workers,’’ he said.

Platinum Mortgage Bank is one of the leading mortgage banks in Nigeria and has as at today recapitalised to the sum of N7 billion, and its share capital is expected to move up to N10 billion by 2020.


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