CBN approves change of name for police mortgage bank

The Central Bank of Nigeria has approved the change of name of the Police Fokas Saving and Loan Ltd to the Nigeria Police Mortgage Bank Ltd.

The Abeokuta-based Police Fokas Saving and Loan Ltd, which was acquired by the police, was a primary mortgage institution.

The approval is contained in a statement issued on Monday in Abuja by SP Abayomi Shogunle, the Assistant Force Public Relations Officer.

The statement said the change of name followed the successful fulfilment by the police, of the apex bank's guidelines for the acquisition of primary mortgage institution.

It said that the CBN had also approved the appointment of the Board of Directors for the bank and Mr Bola Adeboye, the Commissioner of Police in charge of the Police Cooperative Society Ltd., as chairman and chief executive.

'The bank, presently, has an authorised share capital of N5.5 billion out of which N3.95 billion has already been paid up by the Nigeria Police.

'Currently, machinery has been set in motion to ensure fast and early issuance of share certificates to all shareholders of the bank, who are mostly police personnel,' it said.

The statement said that arrangements had been concluded for the commissioning of the new corporate Headquarters of the bank in Abuja.

Meanwhile, the Inspector-General of Police, Mr Mohammed Abubakar, has described the approval for the institution's change of name as a 'turning point in the history of the Nigeria police'.

Abubakar called on officers and men of the force to take advantage of the opportunities provided by the new mortgage bank to own their houses.