Police mortgage bank takes off as CBN approves change of name

The Central Bank of Nigeria has approved the change of name of Fokas Savings and Loans Limited, an Abeokuta, Ogun State-based Primary Mortgage Institution acquired by the Nigeria Police, to the Nigeria Police Mortgage Bank Limited.
This is coming on the heels of the successful fulfillment of the CBN’s guidelines for the acquisition of the Primary Mortgage Institution by the Nigeria Police Force.
The apex bank has also approved the appointment of the Board of Directors of the bank, with the Commissioner of Police in charge of the Police Cooperative Society Limited, as the Chairman, and Bola Adebayo as the Managing Director and Chief Executive Officer.
The bank, presently, has an authorised share capital of N5.5 billion, out of which N3.95 billion has already been paid up by the Nigeria Police.
A statement by the Assistant Force Public Relations Officer, Abayomi Shogunle, said the approval by the CBN of the commencement of activities of the mortgage bank is part of the efforts of the Inspector-General of Police, Mohammed Abubakar, to cater for the welfare of all officers and men of the Force.
Shogunle said Abubakar has been doing this by ensuring that every serving or retired police officer own their houses through the new Nigeria Police Mortgage Bank Limited.
Shogunle said: “Currently, machineries have been set in motion to ensure fast and early issuance of share certificates to all shareholders of the bank, who are mostly Police personnel, while arrangements have been concluded for the commissioning of the new corporate Headquarters of the Bank located at Plot 11 Port Said Street, Wuse Zone 4 Abuja.
“Meanwhile, the Inspector-General of Police, IGP MD Abubakar has described the feat as a turning point in the history of the Nigeria Police, and called on all officers and men of the Force to take advantage of the opportunities provided by the new mortgage bank.”