… Records N254m profit in 2016
By Steve Agbota
Inline with the Central Bank of Nigeria’s (CBN)’s review of the capital base of Primary Mortgage institutions in 2011, Jubilee Life Mortgage Bank (JLMB) said it has grown its shareholders’ funds to over N5 billion.
In the quest to deliver homes through affordable mortgages to Nigerians the bank said it absorbed four microfinance institutions thereby growing its branch network from six to 10.
Speaking at the commissioning of JLMB’s new head office in Lagos, Pastor (Mrs.) Folu Adeboye of the Redeemed Christain Church of God (RCCG), urged staff of the company to embrace the spirit of excellence in whatever they do to move the company among leading mortgage banks in the country. She also enjoined them to be outstanding in their relationship with customers.
She said: “You must be honest on the job, which is very important. We have seen mortgage banks in the past and those of us who were victims some two decades ago knew some churches’ money were swallowed up by mortgage banks. But I believe in this our new Jubilee Life, nothing of such will happen. The bank will not send people into their early grave because of fund mismanagement. Two things are important, which is spirit of excellence and spirit of honesty.” Also speaking at a press conference on the commissioning, the bank’s Managing Director/CEO, Remi Olatunbode, said despite harsh economic environment, the JLMB recorded N245 million profit in 2016, even as the total profit of mortgage banks in Nigeria was put at N1.5 billion in 2015.
On what distinguished JLMB from others, he said the value the bank set out as its guiding principle was integrity, which, according to him, is above every other thing because across the world, Nigeria is negatively branded.
He added that, “if you come with integrity to the market, very soon, you will get referrals; people will say ‘we know guys who can do stuff for you and you can go to bed, you can go to Jubilee.’
So we pride ourselves that integrity is our watchword. Secondly, professionalism. We want to deliver and exceed your expectations. Anything we do, we want professionalism coupled with excellence in our delivery.
We follow integrity, professionalism and excellence in the conduct our transaction, which are the things that would ensure that our service delivery is top-notch and ensure that people can trust us with their money.”
He said the bank has an ongoing and completed projects in Ibadan, Port Harcourt, Abuja, Ogun and Lagos states, adding that the bank seeks partnership with organisations that would be value added to JLMB.
On the challenges facing mortgage banks in Nigeria, he said the volatile interest rate and funding has been hindering the development of mortgage industry in the country.
He said the interest rate given to mortgages was about 32 to 33 per cent even for commercial banks, which still makes the industry small despite huge opportunities and demand as everybody wants to buy property but there is just no supply.