ITMB is far ahead of other Primary Mortgage Banks in performance ranking – Arc Dangiwa, MD, FMBN
Says FMBN received least number of customer-complaints against ITMB
As ITMB CEO commends management, staff for the stride
ITMB bringing-in building materials manufacturers to guarantee affordable housing – Obaleye, CEO, ITMB
Infinity Trust Mortgage Bank on Friday reasserted itself as Nigeria’s leading Primary Mortgage Bank (PMI) as the Federal Mortgage Bank of Nigeria (FMBN) announced ITMB as the winner of the 2017 FMBN Excellence award.
Managing Director, FMBN, Arc. Ahmed Dangiwa who led the declaration said after a “very transparent selection process, no other Primary Mortgage Bank came close to Infinity Trust Mortgage Bank in the assessment criteria.” He tasked the Management of the winner-bank to sustain the goal and pledged the continuous commitment of FMBN to work with it in the interest of achieving the shared goal of providing affordable housing in Nigeria.
“ITMB won because of its exemplary effectiveness in packaging, timely disbursement of National Housing Fund (NHF) loans to beneficiaries, and for the minimal customer complaints received in lieu of its services,” Dangiwa added.
The TRUTH reports that apart from being the most capitalized Primary Mortgage Bank in Nigeria, ITMB has significantly increased its shareholders’ funds from less than fifty million naira in 2003, to over fifty billion naira and maintained consistent profitability and dividend payment to shareholders for eleven years running.
Findings show that Infinity Trust Mortgage Bank Plc has wholly or partly financed no fewer than fourteen modern estates by which it provided decent and affordable accommodation to more than three thousand families in Nigeria.
In recognition of the bank’s excellent financial and corporate governance performance, the Global Credit Rating (GCR), one of Africa’s top credit rating agencies, recently affirmed Infinity Trust Mortgage Bank Plc’s BB+ credit rating with positive outlook in the long term and A3 with positive outlook in the short term.
The FMBN Excellence Awards is the flagship award of the Federal Mortgage Bank of Nigeria recognizing innovation, good partnership, diligence and leadership within the Housing Finance Community in Nigeria.
The FMBN award winners were named and rewarded in a ceremony at the corporate headquarters of the Federal Mortgage Bank of Nigeria in Abuja on Friday, October 6, 2017.
The award categories are for both staff and other external stakeholders. Other recipients include FHA Homes, a leading Real Estate Developer and members of staff who were rewarded in several categories.
In his response, the Managing Director and Chief Executive of Infinity Trust Mortgage Bank Plc, Mr. Olabanjo Obaleye thanked the management of FMBN for the recognition.
He expressed joy that the current management of ITMB has justified the confidence reposed in them. Olabanjo remarked: “Though the coming of the present management was met with some level of hesitation and skepticism on the part of the stakeholders, the management has been able to prove all skeptics wrong within a few months, especially in the area of turn-around time which has improved tremendously and also in the engagement of stakeholders, which has been further expanded to bring in building materials manufacturers in the bid to ensure that affordable homes are built.”
Infinity Trust Mortgage Bank Plc was incorporated on 28th January, 2002, as Infinity Trust Savings & Loans Limited. However, it commenced business operations in Abuja, in 2003.
The bank was converted to a Public Limited Liability Company on 25th January, 2013, hence a new name Infinity Trust Mortgage Bank Plc and also became a national bank. Consequently, its shares were listed by introduction on the main floor of the Nigerian Stock Exchange on December 11, 2013.
Currently, the bank has equity shareholding in the Nigeria Mortgage Refinance Company (NMRC).