*CBN approves change of name from Fokas Savings and Loans
to Nigeria Police Mortgage Bank Limited
The Central Bank of Nigeria has
approved the change of name of Fokas Savings and Loans Limited, an
Abeokuta-based Primary Mortgage Institution (PMI) 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
Mr. Bola Adeboye as the Managing Director and Chief Executive Officer of the
new mortgage bank. The bank, presently, has an authorized share capital of
N5.5billion out of which N3.95billion has already been paid up by the Nigeria
Police.
It should be noted that this recent
great achievement is part of the efforts of the present Inspector-General of
Police, IGP MD Abubakar, CFR,NPM, mni, psc, to
cater for the welfare of all officers and men of the Force by ensuring that
every serving or retired Police officer owns their houses through the new
Nigeria Police Mortgage Bank Limited.
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.
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