Firms have pledged to reduce the N21tr housing shortage

Ken Ibenne

Ken Ibenne

Stakeholders in Abuja have raised concern over the country’s housing shortage, pushing investors to fill the gap.

The Central Bank of Nigeria (CBN) recently revealed that the country’s current housing deficit of over 20 million units would cost N21 trillion to fix.

Experts at Infinity Trust Mortgage Plc’s 16th annual general meeting, where shareholders received a 50 kobo dividend, stressed the importance of addressing the country’s housing shortage.

The company stated that it has already put in place methods to expand acquisition and improve the number of homeowners in the country through flexible mortgage solutions.

Dr. Adeyinka Bibilari, Chairman of the bank’s Board of Directors, said the company’s net profit after tax of N542 million demonstrates the bank’s strength and resilience, adding that the loans issued to bridge housing shortages increased by 39% from N7.12 billion in 2020 to N9.91 billion in 2021.

The bank’s loan and refinancing activity increased by 22 percent, from N2.68 billion to N4.76 billion.

“Total assets increased by 22% from N13.34 billion in 2020 to N16.19 billion in 2021, with shareholder funds increasing by 5% from N6.44 billion in 2020 to N6.77 billion in 2021. According to Bibilari, the bank’s customer deposit base climbed by 5% from N3.77 billion in 2020 to N3.96 billion in 2021.

In response to the Bank’s performance, Managing Director Sunday Olumorin stated that the Bank would “continue to explore opportunities and develop products that would deepen mortgage penetration,” adding, “We will continue to explore opportunities and develop products that would deepen mortgage penetration.”

The MD/CEO also stated that the Bank would focus on establishing appropriate structures and developing an agile and solution-oriented staff capable of achieving the Bank’s vision and objectives.

“We have a strategy of becoming Nigeria’s most dominating mortgage bank,” he stated. We’ve started using new techniques to boost client acquisition while also increasing the number of homeowners in the country thanks to our flexible mortgage options.”

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