…Targets housing projects in Niger, Abuja, Edo
Daniel Osiyemi & Hakeem Rahmon
Gateway Mortgage Bank Limited has announced a significant improvement in its financial performance for the 2024 fiscal year, recording growth across key performance indicators despite prevailing economic challenges.
The bank’s Chairman, Evangelist Samuel Durojaye, disclosed this at the institution’s 8th Annual General Meeting (AGM) held in Abeokuta, Ogun State, on Thursday.
He said the bank’s gross earnings, profit before and after tax, shareholders’ funds, deposits, loans and advances, and total assets all showed remarkable increases compared to the previous year.
“Despite the economic headwinds, Gateway Mortgage Bank achieved steady growth across all measurable indices,” Durojaye stated.
He added “we extended our services beyond Ogun State to fund housing projects in Niger, Abuja, and Edo, reflecting our commitment to expanding access to affordable housing finance nationwide.”
Durojaye, however, identified the rising cost of building materials and land documentation issues as persistent industry challenges. He noted that solving such problems requires coordinated national intervention.
“The solution cannot come from an individual institution; it’s a national issue. The government has a major role to play in stabilizing the housing sector,” he said.
“Inflation has been a global issue, but we thank God that through effective monetary and fiscal policies, Nigeria’s economy is becoming more stable. With inflation easing in recent months, we expect the cost of building materials to gradually reduce.”
Representing Ogun State Governor, Dapo Abiodun, the Commissioner for Finance commended the bank for its resilience and performance, describing its impact on the state’s housing development as “notable and progressive.”
“Ibara GRA today is the new Banana Island of Egbaland, and it is evolving steadily,” the governor’s representative remarked, pledging continued government collaboration with the mortgage sector.
Speaking with journalists after the AGM, the bank’s Executive Director for Finance and Strategy, Rotimi Olashore, said the institution is strategically positioning itself to tap into the state’s growing real estate opportunities, particularly with the advent of the Ogun State Airport.
“With the new airport and increased influx of investors, Ogun State is becoming the next growth hub after Lagos.
“We are partnering with housing developers and workers’ cooperatives to provide mortgage facilities that make home ownership easier for both formal and informal sector workers,” Olashore explained.
He added that the bank is leveraging several government-backed mortgage intervention schemes, including facilities at 6% and 9.5% interest rates, to make housing more affordable.
“Awareness about mortgage financing is increasing. People now understand that borrowing to own a home is an investment in their future.
“We are developing tailored mortgage products for different market segments, including artisans and traders, to meet their unique needs,” he said.
PLATFORM TIMES reports that Gateway Mortgage Bank, headquartered in Abeokuta, is one of Nigeria’s leading state-backed mortgage institutions, providing financing solutions to support housing development and ownership, especially in the South-West region.
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