Dapo Abiodun Commends Management of Gateway Mortgage Bank for Transformative Banking, Housing Finance Exploits

By: Olufemi Orunsola 

The Executive Governor of Ogun. state, Prince Dapo Abiodun, has commended the management of Gateway Mortgage Bank for the transformation of the Bank into a financially stable entity providing  accessible mortgage solutions that enable people to enjoy affordable housing, thereby contributing to the state’s economic growth and improving the standard of living of different strata of Ogun citizens.

Governor Abiodun made the public the commendation during the 7th Annual General Meeting of the Bank, at Mitros Residence, Oke-Ilewo, Abeokuta, emphasized the importance of efficiency in financial institutions, especially in terms of optimizing deposits and resources to maximize profits.

The Governor, who was represented by the Commissioner for Finance and Chief Economic Adviser, Mr. Dapo Okubadejo, 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 improving the standard of living of residents.

Abiodun highlighted his administration’s proactive approach to implementing strategic housing policies that address the housing needs of the people, while creating business opportunities for financial institutions like Gateway Mortgage Bank.

The Governor further outlined the initiatives of his administration on housing development to include, the 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), noting that the move has redesigned and attracted the private sector developers to the state, thereby complementing 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”, the Governor said.

Earlier at the AGM, the Chairman of the Board of Directors of the Bank, Evang. Samuel Durojaiye thanked the current administration in Ogun state as well as Ministries, Departments, and Agencies (MDAs) of government for their support, which according to him, had facilitated the transformative turnaround the bank. 

Durojaiye revealed that the Bank had disbursed over one billion naira as loans to no fewer than 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 also 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,.

On the whole, the Board Chairman ssured shareholders of higher financial performance in subsequent years, as well as disbursement of maiden dividends to shareholders by the end of the current financial year.