Osun’s Omoluwabi Mortgage Bank opens Ilesa branch

As part of its efforts in making banking services available to the nooks and crannies of State of Osun, Omoluwabi Mortgage Bank, Plc, over the weekend opened another branch in the ancient city of Ilesa.

The branch was commissioned by the Governor of the State of Osun, Ogbeni Rauf Aregbesola who disclosed that the bank which was incorporated in 1993 is a licensed mortgage institution with primary responsibilities of providing mortgage banking services, housing and property development solutions and general financial services for the people.

He stated that it is a thing of joy for him that the commissioning of a new branch of the bank coming shortly after the commissioning of Ejigbo branch, in May 2016, the Board of Directors and Management of the bank have achieved a remarkable milestone with the commissioning of Omoluwabi Mortgage Bank Plc, llesa branch.

Aregbesola who led the state functionaries to the event advised would-be house owners, property developers and traders to transact business with Omoluwabi Mortgage Bank Plc by opening account with the bank because of the single digit interest rate charged by the bank on mortgage loan.

While charging the bank to look at the possibility of having more branches within and outside the State at the shortest time with  particular emphasis on the ancient city of  Ile- Ife, he also  expressed confidence that the proposed recapitalization of the bank would make the bank ”stronger, more efficient and able to support  Small and Medium Scale Enterprises.”

Earlier, the Chairman Board of Directors of the bank, Dr Adebayo Jimoh explained the transformational changes that the bank has passed through in structure, form, nomenclature, management and capital funding from 1993 when the bank was registered as Living spring Building Society to the present time when it became Omoluwabi Mortgage Bank Plc, having successfully met the listing requirements of both the Nigeria Stock Exchange and Securities and Exchange Commission. All these transformational changes, according to the Chairman has made the bank ”not only new but bigger, better and stronger.”

He speaks further, ”Embedded in this transformational changes are a complete overhaul of its former business process and embracing an up to date technology in carrying out business. This Include among others successful acquisition of banking software that enables seamless operations and ICT sufficiently adequate for Mortgage Finance and Banking Operations but at the same time addresses the core banking, treasury, consumer and corporate e-banking, mobile banking requirements for universal, retail and corporate banking that meet international standards.”

He added that the bank’s efforts at branch expansion is to enable its reach all the nooks and crannies of the State and to also promote economic development by empowering businesses and creating employment opportunities.”

Jimoh also assured the bank’s depositors that there is greater opportunity for growth. He disclosed that the mid-term plan of the bank (2017 to 2019), is to refocus and grow the housing development and mortgage business of the bank and support traders over the next 3 years. With this, according to him, the Bank will position itself as key player in the mortgage sub- sector along South-West corridor of Osun, Lagos, Ogun, Oyo, Ondo, Ekiti, Kwara and Edo States.

Dr Jimoh applauded Ogbeni Aregbesola for his tremendous support for the bank with the recapitalization of the bank in the year 2013 and its upgrading from Savings and Loans status to Mortgage Bank status thereby expanding its scope. Jimoh also expressed confidence in the newly constituted Board of Directors, Management and Staff of the bank for good banking service delivery.

The Managing Director of the bank, Mr Ayo Olowokere, while introducing products and services that the bank provides for its customers, he assured the customers of the safety and growth of their investment, prompt and efficient services which he said are all in tandem with the philosophy of the bank which is to enhance value of all stakeholders.

Owa Obokun Adimula of Ijesaland, Oba Gabriel Aromolaran commended the State Governor for deeming it fit to personally commission the branch of the bank in Ilesa. He said that the bank would find in his people who he described as hardworking and great traders, partners in progress as far as Mortgage banking and other services are concerned.

While calling on all Ijesa artisans, market women, traders, builders and other professionals to see the coming of the bank to Ijesaland as opportunity to develop their businesses, he however appealed to the management of the bank to always communicate new product opportunities available to the market women who he described as the group that needed biggest support from the government.

The Managing Director of Omuluwabi Mortgage Bank Plc, Mr Ayo Olowokere explaining some products and services that the bank provides to Owa Obokun Adimula of Ijesaland, Oba Gabriel Aromolaran, while Chairman of the bank, Dr Adebayo Jimoh, Gov Rauf Aregbesola of the state of Osun and the Bank branch manager, Mr Bolaji Kolawole listen with rapt attention

Governor Aregbesola cutting the tape to commission the newly opened Ilesa branch of Omuluwabi Mortgage Bank Plc, with him are Secretary to the State of Osun Government, Alh. Moshood Adeoti, Chairman of the Bank, Dr Adebayo Jimoh and Owa Obokun Adimula of Ijesaland, Oba Gabriel Aromolaran.