Business
CBN Approves Name Change For Police Mortgage Bank
The Central Bank of Nigeria (CBN) has approved the change of name of the Police Fokas Saving and Loan Ltd to the Nigeria Police Mortgage Bank Ltd.
The Abeokuta-based Police Fokas Saving and Loan Ltd, which was acquired by the police, was a primary mortgage institution.
The approval is contained in a statement issued on Monday in Abuja by SP Abayomi Shogunle, the Assistant Force Public Relations Officer.
The statement said the change of name followed the successful fulfilment by the police, of the apex bank’s guidelines for the acquisition of primary mortgage institution.
It said that the CBN had also approved the appointment of the Board of Directors for the bank and Mr Bola Adeboye, the Commissioner of Police in charge of the Police Cooperative Society Ltd., as chairman and chief executive.
“The bank, presently, has an authorised share capital of N5.5 billion out of which N3.95 billion has already been paid up by the Nigeria Police.
“Currently, machinery has been set in motion to ensure fast and early issuance of share certificates to all shareholders of the bank, who are mostly police personnel,” it said.
The statement said that arrangements had been concluded for the commissioning of the new corporate Headquarters of the bank in Abuja.
Meanwhile, the Inspector-General of Police, Mr Mohammed Abubakar, has described the approval for the institution’s change of name as a “turning point in the history of the Nigeria police”.
Abubakar called on officers and men of the force to take advantage of the opportunities provided by the new mortgage bank to own their houses.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.