The Jigawa State council has approved a N1 billion recapitalisation initiative for the Jigawa Savings and Loans Bank to fulfill Central Bank of Nigeria (CBN) requirements and enhance mortgage financing.
Hon. Sagir Musa, the Commissioner for Information, Youth, Sports, and Culture, shared these details with journalists. He highlighted that Jigawa Savings and Loans Limited primarily offers residential mortgage financing and various loan services, primarily to employees of the Jigawa State Government.
Musa indicated that this capital injection aims to help the institution meet the minimum capital thresholds set by the CBN for Primary Mortgage Banks.
"This recapitalisation reinforces the commitment of Governor Umar Namadi’s administration to ensure the viability of state-owned financial institutions.
"The decision will protect depositors’ investments and improve access to affordable housing and mortgage financing for Jigawa residents," he stated.
He further explained that this move aligns with the CBN's regulatory framework, which promotes sustainable operations within the mortgage banking industry, thereby enhancing the overall financial landscape in the state.
Comments (0)
You must be logged in to comment.
Be the first to comment on this article!