The Ogun State Governor, Prince Dapo Abiodun, has commended the management of the Gateway Mortgage Bank for the remarkable transformation of the bank into a financially viable institution through improved corporate governance.
Abiodun made this commendation at the 6th Annual General Meeting of the Gateway Mortgage Bank in Abeokuta.
The governor recalled the challenging state of the bank when the present administration took over, highlighting issues such as negative shareholder funds and a lack of alignment with global best practices in corporate governance as challenges facing the bank then, adding that the bank’s significant achievements in corporate governance and enterprise risk management were the panacea to these improvements, which led to the elevation of the bank’s stature, making it fit to run a viable financial institution in Nigeria,
Represented by the Chief Economic Adviser, Mr. Dapo Okubadejo, Prince Abiodun highlighted the bank’s role in supporting affordable housing which had assisted the State government in the provision of Housing for all.
“With its strong corporate governance and financial viability, the bank looks poised to contribute significantly to the State’s economic growth and the well-being of its citizens,” he said.
He noted that government efforts in land administration reforms, particularly the implementation of the OLARMs initiative, saying the soon-to-come electronic signature capabilities would expedite the issuance of Certificates of Occupancy and simplify land acquisition processes.
Earlier in his opening remarks, Chairman of the Board of Directors, Evang. Samuel Durojaye, expressed profound gratitude to the present administration and its agencies for their steadfast support, which has played a pivotal role in the bank’s successful turnaround.
Durojaye emphasised the institution’s dedication to its board-approved strategic business plan, which prioritises sustainable organic growth and fair compensation for stakeholders.