Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Platinum eyes N10bn share capital in one year

Joseph Olaoluwa by Joseph Olaoluwa
September 3, 2019
in Business News
emmanuel mbaka
Share on FacebookShare on TwitterShare on Linkedin

Platinum Mortgage Bank Plc, a primary Mortgage Institution has announced its decision to increase its share capital to N10 billion in the coming year.

This was disclosed by the Managing Director of the Mortgage Bank, Emmanuel Mbaka during a visit to the Federal Mortgage Bank of Nigeria (FMBN) office in Abuja.

The reason for the increase in share capital is based on the recent recapitalisation of the mortgage institution to N7 billion, which has generated a renewed confidence in the bank according to the Managing Director.

RelatedPosts

Top content ideas for your YouTube channel

FG, UK sign agreement to deport dangerous criminals back to Nigeria

Reacting to the announcement, Managing Director of the FMBN, Ahmed Dangiwa, said Platinum had been a critical stakeholder to the National Housing Fund and has created mortgage loans worth over N10 billion. He said the FMBN would partner more with the bank to create more housing funds for aspiring homeowners.

[READ MORE: DEAL: VFD Group may take key stake in Abbey Mortgage Bank]

Dangiwa described Platinum Mortgage Bank as one of the FMBN’s biggest partners and a very steady and reliable primary mortgage bank in the country that has continued to deliver high standards. Elated by the bank’s move to recapitalise, Dangiwa said that the Federal Mortgage Bank is willing to enter into an agreement to partner with Platinum to enable more Nigerians access more homes.

Ahmed Dangiwa

“Platinum has been a very critical stakeholder to National Housing Fund and has created mortgage loans worth over N10bn currently and it is still running, and they are all performing loans. Through Platinum Mortgage Bank, we are still committed to advance more facilities for homeownership. We are willing to partner them to create an enabling environment for further synergy in the service delivery of home creation to Nigerians.”

“We are happy to hear that they are being recapitalised to N7bn and are about to reach up to N10bn capitalisation. With this I think the bank should be able to come back again and do a lot of business with us. We wish to congratulate them on that and hope that they can even acquire smaller PMBs in order to have broader base. That is the only way to strengthen the market.” Dangiwa said.

[READ ALSO: Thinking Of Getting A Mortgage In Nigeria? 10 Important Things You Must Know]

A Nairametrics report identified the increasing need for the Central Bank of Nigeria (CBN) and commercial banks to develop consumer credit products that will encourage low-income earners to engage more in loan taking like mortgage financing. The continued failure of Primary Mortgage banks worried Dangiwa and he urged Platinum to absorb those banks as a means of strengthening its base to avoid failure.

Related

Tags: Ahmed DangiwaCentral Bank of NigeriaEmmanuel MbakaFederal Mortgage Bank of NigeriaPlatinum Mortgage Bank Plc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Despite Reports, El Salvador Doubles Down on Bitcoin Bet to the Tune of $1.5 Million
    • US government places $100,000 bounty on “cryptoqueen”, Ruja Ignatova, for $4 billion crypto scam
    • Oil marketers threaten massive fuel scarcity by next week, deny FG’s N74 billion payment claim

    Follow us on social media:

    Recent News

    Bitcoin takes off as El Salvador adopts it as legal tender

    Despite Reports, El Salvador Doubles Down on Bitcoin Bet to the Tune of $1.5 Million

    July 1, 2022
    US government places $100,000 bounty on “cryptoqueen”, Ruja Ignatova, for $4 billion crypto scam

    US government places $100,000 bounty on “cryptoqueen”, Ruja Ignatova, for $4 billion crypto scam

    July 1, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com