Abiodun Lauds Gateway Mortgage Bank On.Corporate Governance And Financial Viability - EDU-BIZNEWS


Monday, October 9, 2023

Abiodun Lauds Gateway Mortgage Bank On.Corporate Governance And Financial Viability

Governor Dapo Abiodun of Ogun State
has lauded the management of the Gateway Mortgage Bank for the remarkable transformation of the bank into a financially viable institution through improved corporate governance.

Abiodun gave the commendation at during the 6th Annual General Meeting of the Gateway Mortgage Bank in Abeokuta. 

He recalled the challenging state of the bank when the present administration took over, highlighting issues such as negative shareholder funds and a lack of alignment with global best practices in corporate governance as challenges facing the bank then, adding that the bank's significant achievements in corporate governance and enterprise risk management were the panacea to these improvements, which led to the elevation of the bank's stature, making it fit to run a viable financial institution in Nigeria,

Governor Abiodun represented by his Chief Economic Adviser, Mr. Dapo Okubadejo, highlighted the bank's role in supporting affordable housing which had assisted the State Government in the provision of Housing for all.

"With its strong corporate governance and financial viability, the bank looks poised to contribute significantly to the State's economic growth and the well-being of its citizens", he said.

Abiodun, highlighted the government's partnership programme with private sector entities to develop various categories of houses, contributing to the bank's mission of providing affordable mortgages, urging the bank to continue seeking collaborations and partnerships with government institutions and lending facilities to advance its mission

He noted that government efforts in land administration reforms, particularly the implementation of the OLARMs initiative, saying the soon-to-come electronic signature capabilities would expedite the issuance of Certificates of Occupancy (CoS) and simplify land acquisition processes.

Earlier in his opening remarks, Chairman of the Board of Directors, Evang. Samuel Durojaye, expressed profound gratitude to the present administration and its agencies for their steadfast support, which has played a pivotal role in the bank's successful turnaround.

Durojaye emphasised the institution's dedication to its board-approved strategic business plan, which prioritises sustainable organic growth and fair compensation for stakeholders.

The chairman reaffirmed Gateway Mortgage Bank's commitment to providing affordable housing solutions and ensuring that the bank's products and services would be continually refined to meet the evolving needs of its target market.

 Also speaking, a customer of the bank, Mr. Ogo-Oluwa Bankole praised the State Government for its efforts in revitalising Gateway Mortgage Bank and commended the bank's operations and resilience in the face of national challenges, highlighting its ability to remain steadfast and provide reliable services

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