News Column

Police Distribute Share Certificates of Mortgage Bank to Personnel

August 18, 2014

Yemi Akinsuyi

Contrary to insinuations that the Police Mortgage Bank Plc was not functional, the bank had begun distribution of share certificate to all personnel, an indication that the bank was still on course.

Speaking during the distribution of the certificates, the Acting Inspector General of Police, (IG), Suleiman Abba disabused the minds of the personnel and said the Mortgage bank had already exceeded the N25 billion Central Bank of Nigeria (CBN) stipulated fund for banking in the country.

While promising his administration's resolve to ensure that both serving and retired officers across the country got their personal houses in their city of choice, the IG said all personnel would stand to benefits immensely in other areas.

Abba said: "When former Inspector General of Police Mohammed Abubakar appointed me as the Chairman, Board of Director of Police Corporative Bank Plc, I was saddled with the responsibility of ensuring that we translate Fokas Savings and Loan Limited (Mortgage Bankers) to Nigeria Police Mortgage Bank Plc with all legislation and regulatory obligations.

"We successfully did this as evidenced in Corporate Affairs Commission (CAC) certificate of Incorporation dated 28th January, 2014 with registration No. RC207032".

The Police boss stated further that with the distribution of the share certificate, police personnel would have access to loan and other benefits.

Earlier in his address, Chairman Board of Directors, Nigeria Police Mortgage Bank Plc, Usman Yisa Baba, Commissioner of Police (CP) said as at date, the bank had an authorised share capital of N5.5 billion out of which N3.95 billion was fully subscribed by members.

"The Nigeria Police Force being the most significant contributor to the fund till date and having satisfied all the requirements was granted license to operate as a State Primary Mortgage Institution by Central Bank of Nigeria via letter with reference No.OFI/DIR/GEN/PMB/01/004 dated February 14, 2014", he said.

Meanwhile, Abia State Governor, Theodore Orji has promised to support the IG in fighting crime and criminality to the barest minimum.

Orji state this when he visited the IG yesterday at the Force Headquarters. He called on police personnel to co-operate with the IG so that others would do same for them when they get there.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters