Business
Top 10 Best Mortgage Banks in Nigeria (2020)
Mortgage banks are banks specializing in mortgage loans. These banks loan their own capital to borrowers and either collect payments in installments along with a certain rate of interest or sell their loans in the secondary market.
In response to the quest for top banks that offers this service, this write-up will provide the list of top ten best mortgage banks in Nigeria that are reliable. Know that these financial institutions have been dully registered by the Central Bank of Nigeria (CBN) and can be trusted.
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Here is the rankings of the top mortgage banks that offers the best mortgage banking services in the country;
FBN Mortgages Ltd
First Bank of Nigeria Mortgages Limited is one of the best options in offering good mortgage services. With years of experience in delivering quality services in the banking industry, the FBN mortgage bank aims at giving the best mortgage banking services and products that reflects its dominance of its parent– First Bank in the financial services industry of the country.
This financial institution provides a wide range of mortgage and real estate financing solution, to help their growing clients. Through this mortgage services, they hope to help this customers make them have an ideal homeownership and real estate development.
Abbey Mortgage Bank Plc
Abbey Mortgage Bank Plc is arguably the best, largest and most profitable, non-aligned primary mortgage bank in the country. The bank got it’s license from the Central Bank of Nigeria and Federal Mortgage Bank of Nigeria (FMBN), together with seven other national Primary Mortgage Banks (PMB). The mortgage institute also got an accreditation for the National Housing Funding (NHF) on-lending facilities.
Abbey Mortgage bank offer various mortgage and investment products. This is complemented with the guidance and advisory services which they offer to corporate organizations, including individuals to enable them access housing finance. The bank also render and facilitate the provision of mortgage and real estate related services.
Platinum Mortgage Bank Ltd
Another best mortgage bank in Nigeria is the Platinum Mortgage Bank Ltd. This mortgage institution was incorporated in 1992 with the Corporate Affairs Commission, and their objective is to provide savings, loans and homes ownership services, and licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria.
It is supported under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989 respectively to provide Mortgage Banking Services in the country. The bank has it administrative headquarter in Lagos, with branch offices in strategic places in Nigeria.
Initially known as Platinum Home Investment and Mortgage Limited, PMB Limited was recapitalized into a quality-assurance Primary Mortgage Institution, and they are backed by innovative products, services, latest information technology and essential professional management.
Safetrust Mortgage Bank
Formerly known as Safetrust Savings and Loans Limited, Safetrust Mortgage Bank Limited is one of the leading Primary Mortgage Bank (PMB) in Nigeria. The mortgage institute was established on the 2nd of September, 1992 and it commenced operations in September 1993, of which they have a registered office at 18, Keffi Street Ikoyi, Lagos.
The bank was duly licensed by the Central Bank of Nigeria (CBN) and also got accreditation by Federal Mortgage Bank of Nigeria (FMBN) for the disbursement of the National Housing Fund (NHF) loans to contributors.
Ownership of Safetrust mortgage bank is diversifed with its shares owned by institutional investors, high net-worth individuals as well as professionals in various industries. With all these, thaey aim at providing first-class mortgage banking services to its numbering customers.
Trustbond Mortgage Bank
Trustbond Mortgage Bank Plc was established in 2005, with an administrative headquarter in Lagos. The establishment of this mortgage bank was emerged in the wake of the revision of capital structure of banks in 2005.
This was on the acquisition of Gateway Bank by Intercontinental Bank Plc. Moreso, Access Bank after its acquisition in 2011, it have Intercontinental Homes as one of it subsidiaries.
Trustbond Mortgage Banks has a present paid up capital of over N5billion. The bank is an highly connected financial firm, and they operate in all states of the country.
Federal Mortgage Bank of Nigeria (FMBN)
Established in 1956, the Federal Mortgage Bank of Nigeria (FMBN) was initially recognized as the Nigerian Building Society (NBS). The were a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria.
The mortgage institute operates as an effective tool for increasing the mobilization of long-term funds, lending volume and expansion of mortgage lending services. Their services is present in all areas inside the country’s border.
It is the core function of the Federal Mortgage Bank to provide access to long-term credit services to other mortgage banks in Nigeria at standard rates that empowers other mortgage institutions to be able to grant loans to intending individuals willing to purchase their own houses.
It allows for the establishment, promotion and development of other mortgage institutions at both the federal and state levels. It is also the duty of the Federal Mortgage Bank of Nigeria to gives license to other mortgage institutions that wishes to operate in Nigeria.
Lagos Building Investment Company
Lagos Building Investment Company PLC (LBIC) was established on 14 February 1980 as a corporate mortgage institution in Lagos State. The objective of the organization is at providing mortgage finance facilities to allottees of the various Low- Cost Housing Schemes built by the State Government (between 1979-1983).
LIBC became a full-pledged Primary Mortgage Bank (PMB), with the promulgation of the Mortgage Institution Act No.53 of 1980. Interestingly, the mortgage Bank has contributed immensely to housing development, with the creation of over twenty-two thousand (22,000) mortgages across Lagos State. Their works is seen within and outside the state.
Resort Savings and Loans
Resort Savings & Loans is a Primary Mortgage Institution (PMI) that aims at providing service, creating mortgage assets and other credit facilities for it customers. The mortgage institute has over 20 years of operational experience in the country, and they have grown steadily in achievements, acceptability and reputation. Resort Savings and Loans has a corporate head office at 25, Olowu Street, Ikeja, Lagos, with numbers of other branches around the country.
Akwa Savings and Loans Limited
The Akwa Savings And Loans Limited is a Mortgage Bank wholly owned by the Akwa Ibom State Government. It was established and incorporated on January 25, 1993 under the name Akwa Mortgage Finance Limited with fully paid up capital of N20 million.
The mortgage institute has its corporate headquarters at Plot 1, Block 1, Federal Housing Estate, Abak Road, Uyo where it oversees other numerous other branch within and outside the state’s border. Irrespective of being a state owned mortgage bank, it is also open for non-indigenes to do their mortgage banking.
Aso Savings and Loans
Aso Savings and Loans Plc is a financial services institution founded on 9 November 1995 in Nigeria. They are inclined to providing mortgage banking products and services. The mortgage institute also offers a range of transactional accounts, fixed deposits and financial loans.
The services of this mortgage bank also extends to e-banking solutions such as mobile and desktop banking. Ask Savings and Loans Plc has a corporate head office at Plot 266, FMBN Building, Cadastral Zone A, Central Business District, Abuja.
Conclusion
These are the top ten best mortgage banks in Nigeria this 2020. With their quality products and services, they can give you good options in mortgage banking in the country. Thats much we can express on this.
What is Bitcoin and Who created Bitcoin ?
Bitcoin is a cryptocurrency, a form of electronic cash. According to Wikipedia, it was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin blockchain network without the need for intermediaries. It is powered through blockchain technology.
Is Bitcoin real money?
Bitcoin is not a money that the government declared to be a legal tender i.e. it is not fiat money and does not have ties to any government. It is a cryptocurrency and can be used as payment or for investing purposes. Many mainstream companies and even some governments accept Bitcoin as payment.
To buy bitcoin in Nigeria at an affordable rate,
Visit: www.cryptonaira.ng
The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre Punch reports,
The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
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The memo, a copy of which was seen by our correspondent, said the new ex-depot price would take effect from Friday.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a telephone interview with our correspondent, said the over N7 increase in ex-depot price would translate into an increase in pump prices.
“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.
Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.
The Minister of State for Petroleum Resources, Timipre Sylva, said in September that the government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would continue to determine the cost of the product.
The Dangote group has reacted to a recent report published on Bloomberg that their cement company was solely exempted from the Land Border Closure by the Nigerian government.
The report revealed that Dangote Cement was still able to export products despite the land border closure put in place by the Federal Government thus gaining an ‘unfair’ advantage.
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Responding to the development in a statement sent to POLITICS NIGERIA, signed by Timilehin Oyedare, the cement giant disclosed that the report was ‘misleading’.
“Contrary to reports by Bloomberg that Dangote Cement was granted sole approval to export cement through the land borders, information has emerged that other companies also got approval to export through the land borders. Nigerian Customs Service has reportedly revealed that a gas company have also received presidential approval to move goods across the land borders.”
“Joseph Attah, the spokesperson for Nigerian Customs Service, was said to have clarified on phone from Lagos.”
“Dangote Cement and other companies in July, 2020 got partial special dispensation to export their products with certain sequence of crossing at Ilela land border in Sokoto State and Ohumbe land border in Ogun State, the company clarified.”
The Group Chief, Branding and Communications, Dangote Group, Mr. Anthony Chiejina, said the report is misleading and mischievous because it focused only on Dangote Cement as the sole beneficiary of the partial special dispensation.
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