High CEOs/MDs of Mortgage banks in Nigeria by market cap

Nigeria faces a staggering housing deficit of 28 million models, demanding an estimated N21 trillion for significant intervention.

Regardless of this urgent want, widespread multidimensional poverty hinders many voters from realizing their dream of homeownership.

The problem persists, whilst authorities try to create extra reasonably priced housing alternatives. Based on a 2020 Central Financial institution report, addressing this housing hole requires between N15 trillion ($40.1 billion) and N20 trillion ($53.4 billion) in mortgage financing.

The historic underdevelopment of Nigeria’s mortgage system is attributed to financial hurdles, restricted finance entry, excessive rates of interest, stringent lending standards, and substantial down fee necessities.

Mortgages serve various functions, performing as a gateway for low-income earners to entry properties past their monetary means.

For buyers, mortgages are important instruments for wealth creation and monetary safety. Leveraging borrowed funds for property acquisition permits buyers to learn from the property’s worth appreciation, fostering fairness accumulation over time.

Nonetheless, business banks providing house loans in Nigeria current challenges, with rates of interest hovering round 25%, coupled with brief maturities.

This has led to a good portion of loans having tenures of fewer than 30 days, limiting accessibility for a lot of Nigerians.

To deal with these points, the Federal Mortgage Financial institution of Nigeria (FMBN) emerged in 1994 as a pivotal mortgage establishment.

FMBN goals to ship accessible and reasonably priced properties by means of long-term credit score to mortgage establishments, administer the Nationwide Housing Fund (NHF), and mobilize funds for the residential actual property phase.

Regardless of sector challenges, mortgage corporations inside Nigeria contribute, albeit modestly, to the housing sub-sector.

In 2022, the Central Financial institution disbursed N37.6 billion in loans and advances to mortgage banks, together with the Federal Mortgage Financial institution of Nigeria and the Nigerian Mortgage Refinance Firm.

Whereas the mortgage market faces hurdles, CEOs and MDs inside these establishments stay resilient, navigating challenges to contribute to a possible future the place reasonably priced housing is accessible to Nigerians, bridging the housing deficit.

Shifting on, let’s meet the CEO and MDs main a few of Nigeria’s largest mortgage carriers and brokerages in keeping with their market capitalization.

Kayode Awolu-Managing Director Jubilee-Life Mortgage Financial institution

Kayode Awolu, the present Managing Director/CEO of Jubilee Life Mortgage Financial institution Plc, is a distinguished monetary chief with a robust background in economics.

Holding a Bachelor of Science (B.Sc.) diploma from the College of Ibadan and a fellowship on the Institute of Chartered Accountants of Nigeria (FCA), Awolu brings in depth experience to his position.

His seven-year stint because the Government Director for Enterprise Growth and Treasury at Jubilee Life Mortgage Financial institution showcased his strategic management.

Earlier than this, Awolu performed pivotal roles at First Financial institution of Nigeria Ltd., notably because the Group Head of Company Banking in Portharcourt South, and at Entry Financial institution Plc, the place he served as Group Head within the Industrial Banking division for Apapa and Festac Area Lagos.

Korede Adedayo- MD/CEO of FirstTrust Mortgage Financial institution Plc

Korede Adedayo, the Managing Director/CEO of FirstTrust Mortgage Financial institution Plc, is a stalwart within the Nigerian mortgage banking sector.

With a profession spanning over three a long time, he commenced his journey on the West African Examination Council (WAEC) in 1990.

Transitioning to the banking sector in 1997, Adedayo garnered expertise from EIB Worldwide Financial institution, Indo-Nig Financial institution, United Financial institution for Africa (UBA), and Keystone Financial institution (Financial institution PHB). His tenure at First Financial institution of Nigeria Restricted noticed him pioneer the Non-public Banking suite and contribute to the institution of Providus Financial institution.

Appointed MD/CEO of FirstTrust Mortgage Financial institution Plc in 2018, Adedayo led the profitable merger with TrustBond Mortgage Financial institution Plc, solidifying FirstTrust’s place as Nigeria’s largest mortgage financial institution.

A graduate of Accounting from Lagos State College, Adedayo is a Fellow of the Institute of Credit score Administration (FICA), a member of the Institute of Administrators (IODs), an Honorary Fellow of the Chartered Institute of Bankers of Nigeria (HF), and a member of the Financial Advisory Council, Kogi State.

That is an off-shoot of the merger between First Mortgages Restricted with TrustBond Mortgage Financial institution in September 2019.

The 2 entities have a protracted historical past courting again to 2003. It is among the most capitalised mortgage banks with a robust capital base and belongings of over N20billion devoted to serving the monetary wants of Nigerians by way of mortgage mortgage companies.

Younger-Toby Ekechi-MD of First Era Mortgage Financial institution

Younger-Toby Ekechi serves because the Managing Director/Chief Government Officer of First Era Mortgage Financial institution Restricted, commencing his position on April 9, 2018.

With an in depth background in Banking Operations, he beforehand held the place of Group Head of operations and Know-how at ASO Financial savings and Loans PLC, a distinguished Mortgage Financial institution in Nigeria. Boasting over 18 years of various expertise within the monetary companies sector.

He holds varied educational {and professional} {qualifications}, together with a BSc in Economics from Abia State College, an MBA in Monetary Administration from Ladoke Akintola College of Know-how, and an MSc in Monetary Administration from Institute Prima Bestari Malaysia.
His banking profession commenced in 1999 with Citibank, the place he held varied positions throughout his 8-year tenure. Later, at Entry Financial institution, he coordinated department operations in Abuja.

The corporate’s licensed share capital stands at N2.5 billion comprising 2,500,000,000 extraordinary shares at N1 every.

The paid-up share capital is N2.29 billion with a shareholders’ fund exceeding N3.5 billion and a sturdy whole asset base surpassing N21 billion as of December 31, 2022.

Adeola Simon-MD/CEO Brent Mortgage Financial institution

Simon has over 18 years of expertise, together with 15 years in Industrial and Mortgage Banking, each regionally and internationally. She studied Biology at Howard College, Washington DC in 2005.

Shifting her focus to the banking sector, she furthered her experience with a Grasp of Enterprise Administration from Kennesaw State College, Kennesaw, G.A., specializing in Organizational Management and Administration.
She held key roles at famend monetary establishments resembling Suntrust Financial institution, J.P. Morgan Chase, and Financial institution of America, culminating in her latest appointment because the Managing Director/Chief Government Officer at Brent Mortgage Financial institution Restricted. Earlier than this, she served because the Government Director overseeing Credit score & Enterprise, and Danger Administration portfolios.

Brent Mortgage Financial institution Ltd emerged from Skyfield Financial savings and Loans Ltd, commencing operations in 2002 with a capital base of N200 million, later elevated to N1 billion in 2007.

In April 2010, new administration and a reconstituted board assumed management.

To align with regulatory necessities, the board and administration carried out non-public placement workout routines, elevating the adjusted Share Capital to N2.5 billion.

This strategic transfer aimed toward assembly the Central Financial institution of Nigeria’s minimal capital requirement for a State Main Mortgage Financial institution License, revitalizing stakeholder curiosity.

Demonstrating a dedication to remodeling Mortgage banking in Nigeria, the group embraced a brand new company id, resulting in the adoption of the title Brent Mortgage Financial institution Ltd, efficient April 1, 2014, following approval by the Central Financial institution of Nigeria and essential updates on the Company Affairs Fee.

Abimbola Olayinka- CEO/Managing Director, Resort Financial savings & Loans PLC

Abimbola Olayinka holds the place of Managing Director at Resort Financial savings & Loans and is a Board Member at NiRA, overseeing the .ng registry.

Because the President of the Mortgage Banking Affiliation of Nigeria (MBAN), he advocates for elevated authorities assist to spice up the mortgage sector.

Abimbola can also be a Council Member and Fellow of the Nigeria Laptop Society. Resort Financial savings & Loans, licensed for mortgage banking since November 29, 1993, has proven regular development and stable achievements below his management.

The corporate, with a market capitalization of N2.265 billion, has efficiently navigated the challenges of mortgage banking and continues to construct public confidence.

Olumide Adedeji – Performing Managing director/CEO of Dwelling Belief Mortgage financial institution

Olumide Adedeji is a seasoned banker with 25 years of expertise spanning Retail Banking, Industrial Banking, Company Banking, Telecoms, Hospitality, and Actual Property.

A Fellow of the Institute of Chartered Accountants of Nigeria, he’s additionally an Affiliate of the Chartered Institute of Taxation of Nigeria, a Licensed Danger Supervisor, a Chartered Supervisor, and a Licensed Forensic Investigation Skilled.
Deloitte-trained, Olumide has excelled in aggressive enterprise environments, attaining new consumer acquisition, income development, and elevated market share in Botswana, Ghana, and Nigeria.
With management roles in distinguished banks, he holds a Doctorate, Grasp’s, and Bachelor’s diploma in Physics from the College of Ibadan.

LivingTrust Mortgage Financial institution Plc reported a 17.96% decline in its revenue after tax, totalling N745.80 million by the tip of December 2023, in comparison with N909.15 million within the earlier yr.

The unaudited monetary statements for the fourth quarter, permitted by the board on January 19, 2024, and filed with the Nigerian Change Restricted, revealed a 14.22% improve in gross earnings to N2.9 billion.

Loans and advances to prospects elevated to N12.991 billion from N10.679 billion, whereas prospects’ liabilities rose to N9.062 billion from N5.491 billion. Dwelling belief Mortgage financial institution has a market capitalization of N16.35 billion.

Risikatu Ladi Ahmed – CEO ASO SAVINGS AND LOANS PLC

Risikatu Ladi Ahmed, a seasoned banking skilled, boasts practically three a long time of exceeding objectives and expectations within the {industry}.

A chartered director from Insead Enterprise College and authorized in Company Governance, she took the helm as MD/CEO of ASO Financial savings and Loans Plc in Could 2021, tasked with repositioning the financial institution as a Mortgage Banking entrance liner.

As the primary feminine to carry this place at ASO, Risikatu, acknowledged by Ladies in Administration, Enterprise, and Public Service (WIMBIZ), brings strategic path and market positioning to the establishment.
With a authorized background, together with a legislation diploma and a grasp’s in legislation, she continues to steer with distinction, drawing from her various academic experiences, together with Harvard Enterprise College and Wharton Enterprise College’s Superior Administration Program.
As a testomony to her management, she was an Government Director at ASO, overseeing important capabilities from 2015 to 2021.

The corporate has a market capitalization of N7.37 billion as of 2024.

Mobolaji Adewumi-MD/CEO of Abbey Mortgage Financial institution

Mobolaji Adewumi, the Managing Director/CEO of Abbey Mortgage Financial institution, is a seasoned monetary companies skilled with profound experience in sub-Saharan Africa.

He assumed the place of Managing Director/CEO at Abbey Mortgage Financial institution in April 2022, showcasing his management and monetary acumen.

Holding an MBA in Finance from Choose Enterprise College, College of Cambridge, and a BSc in Administration and Accounting from Obafemi Awolowo College, Ile-Ife, he grew to become a Chartered Accountant (ACCA) in 2007.
Bolaji has a wealthy skilled historical past, together with roles at KPMG, UBA, Africa Finance Company, Egon Zehnder Worldwide London Workplace, and Fairtrade Worldwide.
With various experiences, he served as a Particular Adviser at Aso Financial savings, Particular Assistant at First Financial institution, and later as Group Government Director of finance at VFD.

Abbey Mortgage Financial institution Plc showcased resilience in its unaudited financials, navigating inflationary challenges to attain a web revenue of N856.26 million, marking an 11.79% surge from December 2022.

The financial institution’s curiosity revenue witnessed a powerful 49.27% rise, reaching N49.27 billion, whereas charges and fee revenue skilled an 83.15% dip to N395.08 million.

Demonstrating value effectivity, whole working bills decreased by 1.70% to N2.31 billion. Notably, Abbey Mortgage efficiently curtailed Non-Performing Loans (NPLs) over the previous three years, indicating strong asset high quality amid industry-wide challenges. Abbey Mortgage Financial institution has a market cap of N24.78 billion

Sunday Olumorin –CEO INFINITY TRUST MORTGAGE BANK PLC

Sunday Olumorin serves because the Managing Director and Chief Government Officer of Infinity Belief Mortgage Financial institution Plc, a distinguished nationwide Main Mortgage Establishment in Nigeria.

With a wealth of over 20 years in banking, mortgage, and actual property improvement, he joined ITMB Plc on March 21, 2005. His in depth experience has considerably contributed to the financial institution’s development and transformation.

Olumorin has held pivotal roles in strategic departments, together with Enterprise Growth, Monetary Management, Inspection, and Inside Management.
He holds a B.Sc. in Accounting from the College of Lagos and an MBA from the College of Ilorin. An alumnus of Lagos Enterprise College, he has undergone specialised coaching in Credit score, Banking Operations, Administration, Management, and Technique, each regionally and internationally.

The corporate at present boast a capital of N33.28 billion.

Be aware: The people featured on this compilation have been rigorously chosen by a distinguished panel of editors, specialists, and analysts at Nairametrics.

You will need to word that not one of the people listed have solicited their inclusion. Whereas this checklist goals to be complete, it’s under no circumstances exhaustive; quite a few different contributors have performed important roles in advancing the Mortgage financial institution system in Nigeria. This compilation is unique to Nairametrics and could also be up to date periodically to replicate modifications and developments within the area. Suggestions will probably be appreciated.

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