By Muhammad B. Muhammad
Following their clearance by the Central Bank of Nigeria (CBN), the newly constituted board members of Adamawa Mortgage Bank have been inaugurated with a mandate to steer the affairs of the bank, including the management and return on investment, among other responsibilities.
The board members include Samuel Yaumude, Gyatam Bassi, Idris H. Uba, Rifkatu Gwandi, Kefas James, Abubakar Isa Shafani, and Halilu Malabu. They were officially inaugurated on Wednesday at the bank’s boardroom.
The constitution of the board is a major requirement for the bank’s final licensing by the CBN, as the bank had been undergoing a transitional phase in line with regulatory procedures.
With the board now in place, the transition process is considered complete. Regulatory bodies, including the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation (NDIC), are now expected to finalize the bank’s licensing and operational framework.
Speaking at the inauguration, the Secretary to the State Government, Barrister Auwal Tukur, stated that the bank is fully capitalized to meet operational demands. He recalled that Adamawa had not been fortunate in owning financial institutions in the past, but the state government, in its determination, ensured the transformation of Adamawa Savings and Homes into Adamawa Mortgage Bank to establish a homegrown financial institution.
He urged the board members to reposition the bank, assuring them of the government’s full support. “We will have a top mortgage institution,” he added.
In his remarks, the State Attorney General and Commissioner for Justice, Barrister Afraimu Jingi, emphasized the importance of the board members understanding the legal frameworks guiding the institution, noting that their appointments were based on merit.
Also speaking, the Commissioner for Housing, Alhaji Abdullah Adamu Pirambe, encouraged the new board and the bank’s management to work together to elevate the bank to the highest standard. He noted that Adamawa Mortgage Bank is the second of its kind in Northern Nigeria and expressed optimism that it would generate more employment opportunities. He urged the board members to bring their expertise to bear.
The Managing Director and Chief Executive Officer of the bank, Giscard Norris Stanley, remarked that the newly inaugurated board members represent the interests of the shareholders and are, in essence, the true owners of the bank. He thanked Governor Ahmadu Umaru Fintiri for his pivotal role in ensuring the bank became fully operational, adding that this development marks a significant milestone.
Sahel Reporters News
