Bank Disburses N200m Housing Loan

Kano State-owned mortgage bank, Dala Building Society, said on Monday that it had disbursed over N200 million as housing loan to its customers since September ?2012. .The Managing Director of the bank, Alhaji Abdullahi Sumaila, made the disclosure in an interview with newsmen in Kano, saying the disbursement was a direct intervention to enable more Nigerians to own houses.

‘’We are trying to intervene and ensure that we reduce housing deficit in the state and the country in general,’’ Sumaila said.

He said the bank had been able to recover 50 per cent of loans it gave out.

“What we are doing now is to recover the remaining balance of the loans for onward disbursement to others. That is why we have debt recovery unit in the bank,” he said.

He said the bank had also embarked on fund raising as part of efforts to meet its recapitalisation target of between N2.5 billion and five billion naira before Dec. 31 to operate in the state and at the national level respectively.

‘’We have a deadline to ensure that we have a minimum capital of N2.5 billion if we want to remain in the state and five billion naira if we want to go national,’’ he said.

Sumaila commended the state government for its continuous support to the bank and urged it to maintain the tempo.