Abubakar Suleiman, the Managing Director of the Nigeria Police Mortgage Bank, stated that 1,165 police officers had benefited from the National Housing Fund via the Nigeria Police Mortgage Bank.Infomation Guide Nigeria
In addition, he said that N2.934 billion had been distributed as mortgages to qualifying officials.
During a conversation with media, Abubakar provided the data while evaluating the bank’s development. However, he revealed that the bank has had difficulties due to a lack of money.
He stated that the bank was founded exclusively to meet the housing requirements of Nigerian police personnel due to their inability to own their own homes.
Abubakar said, ‘’We need to understand our own peculiarities and these problems led us to have our own mortgage bank and we acquired Fokas Savings and Loans.
“Initially, the money budgeted for it by the police was about N25m and there was about a 100 per cent increase. So, the decision was taken that for everyone to have a sense of ownership, serving police officers should have at least 10,000 shares of the bank at N10 each.
‘’It was a difficult period and people were saying all sorts, but some paid while few others took more than the amount stipulated and that was how we started. The bank officially opened for business in 2015 and we have done a satisfactory job.
“To the credit of the bank, we moved the headquarters of the bank from Abeokuta to Abuja.’’
Other Top Stories:
- Police bank disburses N2.93bn mortgage to 1,165 policemen
- Power company records N39bn revenue in nine months
- Forex policy widened exchange gap by N300 – ABCON
- Elon Musk under federal investigation over Twitter deal
He refuted claims that a previous Inspector-General of Police, Mohammed Abubakar, skimmed funds collected from police officers in order to buy Fokas Savings and Loans, which subsequently morphed into NPF Mortgage Bank.
According to him, 164,304 share certificates had been distributed to police officers, of which 124,893 had been collected, leaving approximately 31,000 share certificates unclaimed.
Abubakar remarked that the police, with over 400,000 people, were the single largest contributors to the National Housing Fund.
He noted, however, that access to the monies by police personnel was difficult due to the unusual nature of their jobs and the inherent dangers they confront while performing their duties.
He stated, “In the national housing fund, 1,165 policemen with a quantum of N2.9bn benefited. This is through mortgage loans. We have provided support for officers who don’t have mortgage equity financing and we have so far given 378 officers to the tune of N874m.”