Jigawa approves N1bn recapitalisation for bank

The Jigawa State council has approved a N1 billion recapitalisation for Jigawa Savings and Loans Bank to meet the requirements of the Central Bank of Nigeria (CBN) and boost mortgage financing. The Commissioner of Information, Youth, Sports and Culture, Hon. Sagir Musa, disclosed this to the newsmen. He said the Jigawa Savings and Loans Limited […]

The Jigawa State council has approved a N1 billion recapitalisation for Jigawa Savings and Loans Bank to meet the requirements of the Central Bank of Nigeria (CBN) and boost mortgage financing.
The Commissioner of Information, Youth, Sports and Culture, Hon. Sagir Musa, disclosed this to the newsmen. He said the Jigawa Savings and Loans Limited provides residential mortgage financing and other loan services, mainly to employees of the Jigawa State Government.
According to Musa, the capital injection is aimed at ensuring the institution meets the minimum capital requirements prescribed by the Central Bank of Nigeria (CBN) for Primary Mortgage Banks.
“The recapitalisation underscores the commitment of the Governor Umar Namadi-led administration to ensuring the sustainability of state-owned financial institutions.
“The move will safeguard depositors’ funds and enhance access to affordable mortgage and housing finances for the people of Jigawa,” he said.
He added that the move would help safeguard depositors’ funds and enhance access to affordable mortgage and housing finance for residents of Jigawa State. Musa explained that the council’s approval aligns with the CBN’s regulatory framework designed to promote sustainable operations within the mortgage banking sector.