MorganCapital leads fund raising consortium for Omoluabi Mortgage Bank

Omoluabi Mortgage Bank Plc is in the process of transforming to National Mortgage Bank in its bid to give its business a national outlook. The transformation will necessitate a fund raising to further solidify the bank as a consortium of Investment Banks led by MorganCapital Group has been appointed to handle the process.

Adebayo Jimoh, Chairman, Omoluabi Mortgage Bank Plc noted this last Friday in Lagos after sounding the closing gong at the Nigerian Stock Exchange. At the Exchange, the Board and Management Team of the bank were received by the Executive Director, Capital Markets of the Exchange, Haruna Jalo-Waziri where they shared the expansion and growth strategies of the bank.

Omoluabi Mortgage Bank Plc is a state primary mortgage institution formally wholly owned by the Osun State Government. The State Government divested from the Bank in 2013 same year the bank did a fundraising via initial public offer which further diluted the interest of the State in the Bank. The Bank was listed on the Nigerian Stock Exchange in 2014 and has since been performing optimally.

“With the impending investment inflow into the mortgage sector, the bank is positioning itself to maximize such opportunity effectively. The transformation in the bank is not going unnoticed while corporate governance has improved greatly. The quality of management staff has also improved. The bank is currently one of the most liquid mortgage banks in the sector with quality risk assets”, Jimoh said.

According to him, the bank has its eyes set on becoming a National Mortgage Bank and will therefore undergo a fundraising activity anytime soon, with a consortium of Investment Banks led by MorganCapital Group to activate the process.

Olumuyiwa Adeyemi, Chief Executive Officer, MorganCapital Group said the Market was excited that an Investment Bank of MorganCapital competence is involved in this transaction. “Our Group provides a comprehensive range of investment banking and financial advisory services to private, public sector, corporate, and institutional clients, while we also focus on providing unbiased financial advisory and investment banking services to individuals and institutions that are seeking to invest in Africa or already involved in investing in Africa”, he said.

 

Iheanyi Nwachukwu