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Police mortgage bank begins distribution of share certificates

By BusinessNews Staff on August 18, 2014

The Police Mortgage Bank Plc, has commenced the distribution of share certificates to the men and officers of the Force who are its shareholders.

The bank which has exceeded the N25bn capitalisation requirement, was acquired by the Police administration to provide mortgage loans to police personnel and mobilize funds for provision of houses to all Nigerians at affordable prices.

The Police High Command had deducted N11,000 from the emolument of all officers and men of the Force as a subscription fee for the ordinary share of the bank sometimes in 2013, an action that gave automatic shareholding status to all Police personnel whose money were compulsorily deducted.

The deductions had generated serious complaints from the personnel who described it as unjustified.

But speaking during the distribution of the shares in Abuja on Friday, the Acting Inspector-General of Police, Suleiman Abba, said the shares certificates had laid to rest the controversy over the deductions from the salaries of Police personnel.

He explained that the bank would ensure that both serving and retired officers across the country get their personal houses in their city of choice, adding that all police personnel stand to benefit immensely in other areas.

Abba said, “When former Inspector- General of Police, Mohammed Abubakar appointed me as the Chairman, Board of Director of Police Corporative Bank Plc, I was saddled with the responsibility of ensuring that we translate Fokas Savings and Loan Limited (Mortgage Bankers) to Nigeria Police Mortgage Bank Plc with all legislation and regulatory obligations.

“We successfully did this as evidenced in Corporate Affairs Commission certificate of Incorporation dated 28th January, 2014 with registration No. RC207032”.

The Police boss stated further that with the distribution of the share certificates, Police personnel would have access to loan and other benefits.

The Chairman, Board of Directors of the bank,CP Usman Baba, explained that the bank has an authorized share capital of N5.5bn out of which N3.95bn is fully subscribed by members.

“The Nigeria Police Force being the most significant contributor to the fund till date and having satisfied all the requirements was granted license to operate as a State Primary Mortgage Institution by Central Bank of Nigeria via letter with reference No.OFI/DIR/GEN/PMB/01/004 dated February 14, 2014,” he said.

Meanwhile, Abia State Governor, Theodore Orji has promised to support the IG in fighting crime and criminality to the barest minimum.

Orji who stated this when he visited Abba at the Force Headquarters, called on police personnel to co-operate with the IG so that others would do same for them when they assumed high position in the Force.

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