Ogun mortgage bank partners OPIC, OGSHC on low-cost housing facilities
Gateway Savings and Loans Limited, an Ogun state-owned Mortgage bank, has entered into partnership with Ogun State Property and Investment Corporation (OPIC) and Ogun State Housing Corporation (OGSHC) on provision of low-cost housing facilities middle class and middle level staff of corporate organizations.
Olawale Osisanya, Managing Director of Gateway Savings and Loans Limited, who explained that the partnership would facilitate massive construction of housing facilities targeting a maximum price of N5 million, also disclosed that the bank secured N160 million loan from National Housing Fund (NHF) for the provision of housing for civil servants.
Speaking through a statement made available to BusinessDay in Abeokuta on Monday, Osisanya declared that the fund was processed on behalf of Ogun State Civil Servants who bought into the Laderin Housing Estate and some private individuals that applied for the loan provided for their housing needs.
He said, “We are proud to have the recognition and support of Federal Mortgage Bank of Nigeria (FMBN) at this point in time as this will enable us to significantly expand our sales and marketing efforts on NHF loans as well as on other mortgage products.”
While explaining that Gateway Savings and Loans Limited was able to secure the N160 million housing loan owing to the re-capitalization of N2.5 billion approved by Governor Ibikunle Amosun in December, 2014, Osisanya said, “the injection of this fund made it possible for the bank to obtain its current licence a State mortgage bank.”
He added that, “This is a phenomenon that has significantly expanded the bank’s sales and marketing efforts, as well as accelerated our product roadmap.
“In the medium term, our expansion plan will cover opening of additional branches in Mowe/Ibafo, Ijebu-Ode, Sagamu and Ago Iwoye while the long term plan of the bank, will be to upgrade its status into a national mortgage bank.”