Adamawa Assembly Standing Committee on Finance pledges its support to recapitalization of Adamawa State Homes and Savings

 Adamawa State House of Assembly Standing Committee on Finance, Budget and Appropriation has pledged its support to the recapitalization of Adamawa State Homes and Savings to the tune of two point five billion naira.
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By Usman Umar Sahabi

Adamawa State House of Assembly Standing Committee on Finance, Budget and Appropriation has pledged its support to the recapitalization of Adamawa State Homes and Savings to the tune of two point five billion naira.

Chairman of the Committee and Member representing Demsa constituency, Mrs. Kate Raymond Mamuno, made the pledge during a familiarization tour at the organisation Office in Yola.

She said that the committee will do everything possible to ensure the recapitalization of the bank as directed by the Central Bank of Nigeria.

The Lawmaker said the recapitalization of the State Homes and Savings will enable it perform its activities as expected by the citizens and the government.

Mrs Mamuno added that, her committee found it necessary to visit the bank to familiarize itself with the new management team, as well as be briefed on the modus operandi of the organisation, operational challenges with a view to addressing them.

She appealed to the management of the organisation to furnish the committee with necessary inputs aimed at making it live up its expectations.

Responding, the Managing Director and Chief Executive Officer Adamawa Homes and Savings Limited, Doctor Giscard Norris Stanley informed the committee that the bank was incorporated in two thousand and four and began operation in two thousand and five, with the share capital of one hundred million naira and that the present share capital of the bank is one hundred and forty two million naira.

He disclosed that the Central Bank of Nigeria has introduced the new share capital base for Mortgage banks which is up to two point five billion naira, saying that their inability to scale up the bank’s share capital to the level since twenty thirteen, when the new share capital base was introduced adversely affected the bank.

The Managing Director told the committee that the CBN has been putting pressure on them to recapitalize adding that they supposed to have gone into extinction as from July based on CBN service but the intervention by Governor Fintiri has saved the situation.

He said as mortgage bank they are expected to provide mortgage services to the people and the government adding that based on records; the first attempt to address the challenges in the bank was in two thousand and fourteen, by then Acting Governor and now the Governor.

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