How Amosun Saved Gateway Mortgage Bank From Collapsing-Odusolu - EDU-BIZNEWS


Tuesday, October 13, 2020

How Amosun Saved Gateway Mortgage Bank From Collapsing-Odusolu

Former Managing Director of the Ogun State Property And Investment Company (OPIC), Babajide Odusolu has revealed that quick intervention of the immediate past Ibikunle Amosun's administration saved Gateway Savings And Loan Limited from imminent collapse as a mortgage financial institution in Nigeria . 

Odusolu while responding to the Public Account Committee of State House of Assembly in Abeokuta on Tuesday, explained that the mortgage financial institution established by the previous Gbenga Daniel's administration was moribund in 2012.

The mortgage bank according to him, was revived with the injection of #500million by the Amosun administration to recapitalize it and prevent Central Bank of Nigeria  (CBN) from withdrawing the bank's operating license.

He claimed that the bank was in a serious financial crisis and was even using depositors' fund to pay salaries of its workforce .

Odusolu added that  a team of financial experts was urgently assembled to turn around the fortune of the bank and make it financially viable  in 2015 .  

"We succeeded in running Gateway Mortgage Bank and made it viable in 2015 after it went under in 2012,CBN rated the bank as viable in its 2018 report".he stated.

The OPIC former boss described the mortgage bank as very critical in the provision of housing for the people.

Odusolu disclosed that OPIC spent over #3.9billion in the provision of  28 housing units at the MITROS Garden Estate in Isheri on the border with Lagos State. 

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