CBN lists 34 firms operating as primary mortgage banks

Nigerias central bank (CBN) has listed 34 firms as licensed primary mortgage banks operating across the country.

Primary Mortgage Banks are financial institutions that give loans to housing and real estate builders.

In September 2018, the CBN gave a notification to revoke the operating licences of 182 other financial institutions in the country, of which six primary mortgage banks were included.

The apex had said some of the microfinance banks were either indebted, distressed or voluntarily liquidated. It also explained that the revision became inevitable as the sector had been contending with challenges such as inadequate capital base, weak corporate governance, ineffective risk management practices, among others.

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Among the list of 34 firms across the country, CBN said seventeen of the Primary Mortgage Banks are in Lagos; eight in Abuja; two in Akwa Ibom; while Oyo, Delta, Ogun, Kebbi, Jigawa, Abia and Osun have one each.