Gateway Mortgage Bank reports increase in profits and expands operations beyond Ogun

…Targets housing projects in Niger, Abuja, Edo

Daniel Osiyemi and Hakeem Rahmon

Gateway Mortgage Bank Limited announced significant improvement in its financial performance for fiscal 2024, recording growth across key performance indicators despite prevailing economic challenges.

The Chairman of the bank, Evangelist Samuel Durojaye, disclosed this on Thursday at the 8th Annual General Meeting (AGM) of the institution held in Abeokuta, Ogun State.

He said the bank’s gross profits, profit before and after tax, shareholders’ funds, deposits, loans and advances and total assets all showed notable increases compared to the previous year.

“Despite economic challenges, Gateway Mortgage Bank has achieved consistent growth across all measurable metrics,” Durojaye said.

He added: “we have extended our services beyond Ogun State to finance housing projects in Niger, Abuja and Edo, reflecting our commitment to expanding access to affordable housing finance nationwide.”

Durojaye, however, identified the rising cost of construction materials and land documentation issues as the industry’s persistent challenges. He noted that solving such problems requires coordinated national intervention.

“The solution cannot come from a single institution; it is a national issue. The government has an important role to play in stabilizing the real estate sector,” he said.

“Inflation has been a global issue, but we thank God that through effective monetary and fiscal policies, Nigeria’s economy is becoming more stable. With inflation easing in recent months, we expect the cost of construction materials to gradually reduce.”

The Commissioner for Finance, representing Ogun State Governor, Dapo Abiodun, commended the bank for its resilience and performance, describing its impact on housing development in the state as “remarkable and progressive”.

“Ibara GRA today is the new Banana Island of Egbaland, and it is constantly evolving,” the governor’s representative noted, promising continued government collaboration with the mortgage industry.

Speaking to journalists after the AGM, the Executive Director, Finance and Strategy, Rotimi Olashore, said the institution was strategically positioning itself to capitalize on the growing real estate opportunities in the state, especially with the advent of the Ogun State Airport.

“With the new airport and increasing influx of investors, Ogun State is becoming the next growth hub after Lagos.

“We are working with real estate developers and workers cooperatives to provide mortgage facilities that make home ownership easier for both formal and informal sector workers,” Olashore explained.

He added that the bank is leveraging several government-backed mortgage intervention programs, including 6% and 9.5% interest rate facilities, to make housing more affordable.

“Awareness of mortgage financing is increasing. People now understand that borrowing to own a home is an investment in their future.

“We are developing tailor-made mortgage products for different market segments, including artisans and traders, to meet their specific needs,” he said.

PLATFORM TIMES reports that Abeokuta-based Gateway Mortgage Bank is one of Nigeria’s leading state-backed mortgage institutions, providing financial solutions to support real estate development and ownership, especially in the South West region.

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