Osun Economy: Aregbesola opens new Omoluabi Mortgage Bank branch

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Aregbola at work in Osun

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*Assures Osun moving towards economic prosperity

“Whatever the dividends made in any of the branches of the bank belongs to Osun government.”

Governor of Osun State, Ogbeni Rauf Aregbesola, on Thursday assured people that his administration had ensured the mechanism that would move the state towards economic prosperity.

This was just as he commissioned another branch of the Omoluabi Mortgage Bank in Ilesa.

The new branch becomes the third after the two previously established in Osogbo, the state capital and Ejigbo, respectively.

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Aregbesola, at the official commissioning, said the expansion of the bank was necessary as part of efforts to further enhance the economic development and commercial activities of the state.

He said the bank with its N4.6 billion capitalisation and N2.5 billion assets capacity had contributed significantly to the economic viability, growth and development of the state since establishment.

Aregbesola, who described Omoluabi Mortgage Bank as one of the best among its peers, said the bank had been upgraded to meet the needs of the residents of the Osun State as regards banking system.

He said branches of the bank were established across the state to promote and ease socio-economic activities of the residents irrespective of distance and locations.

According to him, “Omoluabi Mortgage Bank has the capacity to perform all the services that can be rendered in any of the commercial banks in Nigeria.

“Deposits, withdrawals and other transactions can be made easily in any of the branches of this bank just as the bank can also give out housing loans with just six percent interest”, he added.

He said his government’s initiatives to upgrade the modus operandi of the bank in line with international best practices had aided the state towards actualising its economic dreams.

He said the bank had been empowered by the Central Bank of Nigeria and other regulatory agencies to render all services peculiar to commercial banks in the country.

Aregbesola further disclosed that the bank (Omoluabi Mortgage Bank) had a cordial collaboration with First Bank and Access Bank with the aim to enhancing effective operations in banking industry.

He promised to replicate the branches of the bank across the state before the expiration of his tenure adding that efforts were on top gear to accomplish the goal as the state was ready to commission Ife branch next year.

In his welcome address, the Chairman Board of Directors, Omoluabi Mortgage Bank, Alhaji Bayo Jimoh, who described the bank as one of the successful banks in the country, said Omoluabi Mortgage Bank had been empowered to compete favourably with its counterparts in the sub-sector all over the world.

The board chairman said the dreams of the state with the establishment of the bank had been tremendously achieved in the last few years of establishment.

Recounting some of the efforts made by the state government at upgrading the bank from its previous nomenclature, Jimoh said the bank was initially registered as Livingspring Building Society way back in 1993.

He said the transformation all in structure, form, nomenclature, management and capital funding that helped to metamorphose it to Omoluabi Mortgage Bank Plc having successfully met the listing requirements of the Nigeria Stock Exchange and Securities and Exchange Commission respectively.

He added, “There is no doubt that it has been a long journey characterised with a lot of pains of growth before arriving eventually at the present shore, where we can boast without any fear of contradiction that this bank is sufficiently empowered to compete successfully with its peers in the sub-sector”.

The Board Chairman disclosed that the recapitalisation of the bank by Governor Aregbesola in the quest to take the people out of poverty, was aimed at not only strengthening the bank but also to reposition it to take advantage of the emerging opportunities in the local market for speedy growth, profitability and empowerment of the people of  the Osun State.

He revealed that the bank had restrategised its banking operations with a complete overhaul of its former business process and embracement of an up-to-date technology in carrying out its business.

“This includes among others the successful acquisition of banking software that enables  seamless operations and ICT sufficiently adequate for Mortgage Finance and Banking Operations but at the same time addresses the core banking, treasury, consumer and corporate e-banking, mobile banking and web based cash management requirements for universal, retail and corporate banking that meet international standards”, he added.

Jimoh therefore commended Governor Aregbesola for boosting commercial activities of the state by continuously threading the path to economic prosperity through the establishment of viable banking industry.

Earlier, the Managing Director, Omoluabi Mortgage Bank, Mr. Ayodele Olowookere, commended the state government for expanding the branch of the bank across the state.

Olowookere reassured the residents of the state on effective and efficient services, adding that, “the necessity has been done by the state to serve the people excellently.”

He appealed to the host communities on the need to patronise the bank, saying “whatever the dividends made in any of the branches of the bank belongs to Osun government.”


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