The Managing Director and Chief Executive Officer (MD/CEO) of Infinity Trust Mortgage Bank, Dr. Olabanjo Obaleye, has said that the bank has so far financed more than 14 big and mini estates in Abuja.
Dr. Obaleye, who said this in an interview on the sidelines of the bank’s 13th Annual General Meeting (AGM) in Abuja at the weekend, noted that the bank had also supported developers by financing about two estates in Lagos and one in Nasarawa.
He said the bank was “looking at consummating one in Warri this year” as part of a nationwide expansion plan.
“We are a national mortgage bank; so we are spreading. Where we see a very good opportunity to impact, we will surely be there.”
Asked if there were plans to grow beyond Nigeria, the CEO said the Nigerian market was big enough for the bank to operate.
“We have not been able to cover even 10 per cent of the business opportunities in Nigeria. After we have been able to make Infinity a household name in Nigeria, definitely we will start thinking about the opportunities in other climes,” he said.
Speaking on some of the setbacks in the mortgage industry in the country, Obaleye said the challenges were caused mostly by external environment, particularly the government and macro-economic situation of the country.
“If you have challenge from the external environment there is nothing you can do than to adjust your system to it. Whatever affects other economic area will affect mortgage bank. The high interest rate is a concern to us as it is to prospective home owners. Then the cost of perfection is a challenge to us just as it is to them. Then the foreclosure law is another thing. We have classes of people that are on mortgage, they have the money but they are not willing to pay. We call such people chronic debtors. Do we have the right legislative infrastructure to ensure that you close any dispute on mortgage in a timely manner? We don’t still have it now.”
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