First Generation Mortgage Bank: Championing Affordable Homeownership in Nigeria with Visionary Leadership and Innovative Solutions: Young-Tobias Ekechi, Managing Director, First Generation Mortgage Bank

In the dynamic landscape of Nigeria’s financial sector, First Generation Mortgage Bank Limited (FGMB) stands out as a beacon of innovation and reliability, driven by a profound commitment to enabling homeownership dreams. Under the astute leadership of Young-Tobias Ekechi, Managing Director/Chief Executive Officer, FGMB is not just a bank; it is a catalyst for national development, addressing Nigeria’s pressing housing deficit with strategic partnerships, customer-centric solutions, and unwavering financial stability.

A Leader Forged in Experience:

At the helm of FGMB is Young-Tobias Ekechi, a seasoned financial expert boasting over 21 years of diverse work experience in the financial services sector. His core competencies span critical areas including Project Structuring & Financing, Business Process Re-engineering, Operations and Technology, Control and Compliance, and Mortgage Administration. Mr. Ekechi’s robust academic and professional qualifications underpin his expertise, including a BSc in Economics, an MBA, and an MSc in Financial Management. He is also an Associate of the Institute of Directors (IOD), a Fellow of the Institute of Management Consultants (FIMC), a Fellow of the Institute of Credit Administration (FICA), and a Fellow of the Institute of Corporate Administration of Nigeria (FICAN).

His illustrious banking career began in 1999 with Citibank, followed by tenures at Access Bank Plc and ASO Savings and Loans Plc, before he brought his extensive experience to First Generation Mortgage Bank Ltd in 2018. Mr. Ekechi’s motivation is clear: “nothing motivates me more than the opportunity of being able to help individuals and families achieve their homeownership dreams while also being able to grow profit for FGMB year-on-year”. This vision, combined with an excitement for embracing innovation and building strong teams, aligns perfectly with his values of being people-oriented and a solutions provider. His leadership has garnered personal accolades, including the Award of Excellence in the Financial Industry 2021 by the National House Fair, Mortgage Person of the Year 2023 by the Africa Housing Awards & Hall of Fame, and the Icon of Vision and Excellence Award 2024 by the Institute of Corporate Administration.

Transformative Achievements Under Visionary Leadership

Under Mr. Ekechi’s guidance, FGMB has delivered remarkable achievements that underscore its impact on the Nigerian housing sector:

• Affordable Housing: Between January 2021 and November 2021, FGMB granted mortgage facilities to over 343 homeowners at a single-digit interest rate of 9.9%, valued at an impressive N2.7 Billion.

• Home Purchase Loans: The bank financed home purchases for 100 EFCC staff at the same competitive 9.9% single-digit interest rate, totaling N1.4 Billion between July 2021 and October 2021.

• Strategic Refinancing: A significant strategic business partnership with Nigeria Mortgage Refinance Company (NMRC) resulted in the successful refinancing of FGMB mortgages valued at N1.188 Billion, enhancing the bank’s liquidity to create more affordable mortgages.

These achievements have cemented FGMB’s reputation, leading to numerous awards and recognitions for the bank:

• Best Indigenous Mortgage Bank of the Year – 2020 and 2021 by the National House Fair.

• Most Customer Friendly Bank 2021 by the National Peace Awards.

• Most Innovative Mortgage Bank of the Year 2021 by the Africa Housing Awards.

• Best PMB in West Africa 2019 by the West Africa Innovation Awards.

• Customer Service Excellence Award 2024 by the Africa International Housing Awards.

Strategic Pillars of Success: Driving FGMB’s Mission and Vision

First Generation Mortgage Bank, incorporated on October 25, 1992, has meticulously crafted and adopted a series of robust strategies to achieve its mission and vision of becoming a trusted leader in Nigeria’s mortgage banking sector. These strategies are:

• Strengthening Capital Base and Financial Stability: FGMB consistently ensures its capital base remains strong, adhering to regulatory requirements and practicing prudent funds management. As of December 31st, 2024, FGMB boasts a financially stable brand with a balance sheet size of over N20 Billion, an authorized share capital of N2.5 billion, paid-up share capital of N2.292 billion, and a total asset base exceeding N20 Billion.

• Expanding Mortgage and Housing Products: The bank offers novel and innovative mortgage products tailored for various income segments. These include single-digit interest rate Home Purchase Loans and Rent-to-Own schemes, and active participation in the National Housing Fund (NHF) loan scheme, processing more than N10 billion loans for off-takers.

• Customer-Centric and Digital Transformation: FGMB continually improves its customer service standards to build trust and loyalty. It has developed digital banking channels for easy financial transactions and streamlined processes to reduce turnaround time. Its robust banking platform and mobile banking services have significantly enhanced service delivery. This customer focus earned FGMB the Most Customer Friendly Bank in 2021 and the Customer Service excellence Award in 2024.

• Strong Corporate Governance and Risk Management: The bank adopts sound corporate governance practices to strengthen accountability and transparency. It implements a robust Enterprise Risk Management framework to identify, assess, and mitigate inherent credit, market, and operational risks, supported by an independent internal audit and compliance team.

• Human Capital Development: FGMB recruits and trains professional and experienced mortgage bankers, fostering a performance-driven culture aligned with its mission and vision, and maintains a leadership succession plan for stability.

These strategies collectively contribute to FGMB’s gradual alignment with its mission and vision.

Bridging Nigeria’s Housing Deficit: FGMB’s Critical Role

Nigeria faces a daunting housing deficit estimated at over 17 million units. First Generation Mortgage Bank is at the forefront of tackling this challenge, playing a crucial role in providing affordable homes across the nation:

• Championing Home Ownership: FGMB has facilitated home ownership funding for over 8,000 homeowners so far.

• Estate Development: Through strategic partnerships, the bank has funded over 25 estate developments nationwide.

• Accessing National Funds: FGMB has processed and accessed over N10 Billion from the Federal Mortgage Bank of Nigeria (FMBN) via the National Housing Fund (NHF) loan and Estate Development Loan (EDL) schemes, assisting contributors to acquire affordable homes.

• Affordable Mortgages: Between January 2021 and December 2023, FGMB packaged and processed over 900 mortgages at a single-digit interest rate (9.9%), valued at over N6 billion.

• Liquidity and Accessibility: The N1.188 billion accessed from the Nigeria Mortgage Refinance Company Plc (NMRC) provides FGMB with essential liquidity, enabling it to create more affordable mortgages and make homeownership more accessible, thereby reducing the housing deficit.

The home financing environment in Nigeria is fraught with challenges, yet FGMB remains focused and resolute. The bank actively addresses these hurdles:

• High Interest Rates: While the current industry rate is 17%, FGMB directly tackles this by offering single-digit interest rates (9.9%) on residential mortgages, providing one of the most competitive rates in the industry.

• Insufficient Long-term Funding: FGMB’s N1.188 billion mortgage refinance agreement with NMRC is a testament to its ability to access long-term funding, significantly enhancing its capacity to provide more mortgage loans.

• Limited Access to Housing Finance: By facilitating over 900 mortgages worth over N6 billion between 2021-2023, FGMB has demonstrably increased access to housing finance for many Nigerians.

• High Housing Costs: Through affordable mortgage options and strategic partnerships, FGMB helps to reduce the financial burden of high housing costs for borrowers, offering lower equity payments and longer payment tenors.

• High Foreclosure Rates: FGMB mitigates this risk by offering various mortgage options and repayment restructuring opportunities, promoting sustainable homeownership.

• Inadequate Housing Supply: Collaborating with developers and stakeholders, FGMB leverages its mortgage advisory expertise to increase the supply of affordable housing solutions.

Recognizing that finance is the cornerstone of housing construction, FGMB plays a vital role in overcoming the major challenge of providing houses, which require huge financial resources often unaffordable for medium and low-income earners. The bank’s efforts align with the Nigerian Federal Government’s liberal housing policies and the initiatives of institutions like FMBN and NMRC, all aimed at making funds available for intending homeowners.

Distinguishing Excellence in the Nigerian Mortgage Industry

First Generation Mortgage Bank distinguishes itself through several key factors:

• Customer-Centric Approach: Prioritizing personalized service and tailored advice throughout the mortgage process, leading to high satisfaction and strong loyalty.

• Comprehensive Product Range: Offering diverse mortgage products, property listings, and payment options, including initiatives to enlighten the younger generation on savings and mortgage.

• Robust Risk Management: Employing prudent underwriting practices, continuous monitoring, and proactive risk management to ensure loan portfolio quality and minimize defaults.

• Strategic Partnerships: Cultivating strong relationships with reliable real estate developers and collaborating with fintech companies to enhance efficiency and customer satisfaction through cutting-edge technology.

• Strong Brand Reputation: Built on reliability, transparency, and ethical practices, making FGMB a trusted name recognized for service excellence and innovative products.

• Agility and Adaptability: Quickly responding to market trends and regulatory changes, proactively exploring new technologies and strategies to continuously improve offerings and customer experience.

• Financial Stability: With a balance sheet size of over N20 Billion and an asset base exceeding N20 Billion as at December 31st, 2024, FGMB is a financially robust institution.

These collective factors contribute to FGMB’s strong market position, customer loyalty, and sustained growth in the competitive mortgage industry.

A Future Defined by Leadership and Innovation

First Generation Mortgage Bank Limited’s vision is “to be the number ONE Mortgage Bank in Nigeria with strong Geographical spread”. With its robust financial standing, numerous awards, and reputation for trust, reliability, innovation, and customer-centricity, FGMB is already a “go-to brand for affordable housing in Nigeria”. The bank asserts that it is “already living its mission and very close to achieving its vision”.

Looking ahead, in the next five years, First Generation Mortgage Bank Limited envisions itself as a more digitally driven, financially stronger, and customer-focused leader in Nigeria’s mortgage banking sector. This future includes a nationwide footprint, even more dynamic and innovative housing products, and an unshakeable reputation for governance, sustainability, and affordable housing delivery.

First Generation Mortgage Bank Limited is not just building homes; it is building futures, fostering prosperity, and setting new benchmarks for excellence in the Nigerian mortgage industry.

ASO Savings and Loans Plc: Pioneering Nigeria’s Housing Revolution with Visionary Leadership and Innovation. Risikatu Ahmed, Managing Director, Aso Savings and Loans Plc

In the dynamic landscape of Nigeria’s financial sector, Aso Savings and Loans Plc stands out as a beacon of stability, innovation, and unwavering commitment to national development. For decades, Aso Savings and Loans Plc has been at the forefront of the nation’s mortgage industry, driving homeownership and empowering countless Nigerians to achieve their dreams. Under the astute leadership of its Managing Director/CEO, a seasoned professional with a wealth of experience, Aso Savings and loans Plc is not merely adapting to change but actively shaping the future of housing finance, perfectly aligning with the Renewed Hope Agenda. This advertorial explores ASO’s strategic initiatives, technological advancements, and robust financial positioning that collectively underline its pivotal role in unlocking the potential of Nigeria’s housing market.

A Visionary Leader at the Helm

At the heart of Aso savings and loans remarkable transformation and ambitious growth trajectory is its Managing Director/CEO, who made history in May 2021 by becoming the first woman to hold this prestigious role. Her extensive professional background is a testament to her profound expertise and leadership capabilities. Called to the Nigerian Bar in 1990, she holds an LLB from the University of Maiduguri and an LLM from the University of Jos, laying a strong academic foundation for her illustrious career.

Her commitment to continuous learning and leadership development is evident in her executive education, which includes advanced management training at the Wharton Business School in the United States and leadership development at Harvard Business School, also in the United States. Further solidifying her credentials, she is certified as a Chartered Director and Corporate Governance expert from INSEAD in France.

Her banking career commenced at Continental Merchant Bank Plc during her National Youth Service, followed by a distinguished 16-year tenure at Diamond Bank. She joined ASO Savings and Loans Plc in 2015 as an Executive Director before ascending to the top leadership position. Her professional affiliations are equally impressive; she is a Fellow of the Chartered Institute of Bankers (FCIB) and the Institute of Credit Administration (FICA). She also holds membership in the Institute of Directors, the Nigerian Bar Association (NBA), and the International Federation of Women Lawyers (FIDA), and actively serves on the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN). Her multifaceted background underscores her deep understanding of the financial sector, corporate governance, and legal frameworks, making her exceptionally well-equipped to steer ASO savings and loans Plc through its next phase of growth and impact.

Driving Homeownership: A National Imperative

ASO’s long-standing leadership in Nigeria’s mortgage sector is built on a fundamental belief: homeownership is central to national development. In line with the Renewed Hope Agenda’s focus on inclusive growth, ASO is actively expanding access to housing through a suite of innovative mortgage products. These include flexible equity contributions, long-term repayment options, and pioneering rent-to-own schemes. These solutions are meticulously designed to cater to a broader spectrum of Nigerians, making the dream of owning a home a tangible reality for more citizens.

To further facilitate access, ASO strategically leverages platforms such as the Mortgage Refinance Investment Facility (MREIF), Retirement Savings Accounts (RSA), and the National Housing Fund (NHF) through the Federal Mortgage Bank of Nigeria (FMBN). These mechanisms serve as crucial gateways to affordable housing, ensuring that various financial pathways are available to prospective homeowners. With a proven track record in managing the sale of Federal Government houses, ASO possesses unique experience and expertise, positioning it to scale these interventions effectively. The bank also actively fosters partnerships with developers, cooperatives, and state housing corporations, recognizing that collaborative efforts are key to addressing Nigeria’s housing deficit at scale.

A New Era of Growth: The Union Homes Integration

ASO Savings and Loans Plc is currently engaged in a transformative process: the completion of its integration with Union Homes. This monumental undertaking is poised to significantly amplify ASO’s operational scale, expand its customer base, and extend its nationwide reach. Once finalized, this integration will consolidate expertise, optimize resources, and forge a stronger, more diversified institution.

The expanded entity will be exceptionally capable of financing housing at a significantly greater scale, thereby enhancing ASO’s ability to deliver innovative mortgage solutions. More importantly, it will deepen ASO’s impact in reducing Nigeria’s pervasive housing deficit, a crucial objective that resonates deeply with the aspirations of the Renewed Hope Agenda. This strategic move is not merely about growth; it is about fortifying ASO’s capacity to serve the nation more effectively and efficiently in the critical housing sector.

Innovating for an Inclusive Future

While the mortgage industry is often perceived as traditional, ASO is aggressively leveraging innovation and technology to modernize and transform the sector. The bank is fully embracing digitalization to make the mortgage process faster, more transparent, and remarkably customer-friendly. A cornerstone of this digital transformation is ASO’s online mortgage application platform, which allows Nigerians to seamlessly initiate and track their applications from anywhere. This dramatically improves convenience and accessibility, removing geographical barriers.

Furthermore, ASO is integrating data analytics for credit profiling, a sophisticated approach that significantly reduces turnaround time for applications. This technological advancement also improves access for earners in the informal sector, who traditionally face greater hurdles in obtaining credit. By doing so, ASO is not only positioning itself as a modern financial institution but also directly aligning with the Renewed Hope Agenda’s emphasis on leveraging technology for greater financial inclusion across the country. These innovations demonstrate ASO’s forward-thinking approach and its commitment to serving all segments of the Nigerian population.

Building Trust and Securing the Future

In a banking sector currently undergoing recapitalization and reforms, ASO Savings and Loans Plc has demonstrated remarkable resilience and strategic foresight. The institution has successfully reversed years of losses, returning to profitability, a powerful testament to its robust internal reforms and management efficacy. Currently, ASO is spearheading one of the largest capital mobilizations in the mortgage banking sector, with a substantial ₦60 billion capital raise.

This significant capital injection is strategically designed to fortify ASO’s balance sheet, substantially expand its lending capacity, and scale its housing interventions across the nation. ASO understands that attracting investors and strengthening confidence hinges on steadfast principles. By maintaining absolute transparency, strict compliance, and strong governance practices, ASO is actively building investor trust and confidence. The bank’s consistent performance and proactive financial strategies clearly indicate that it is exceptionally well-positioned to be a strategic partner in Nigeria’s unfolding housing revolution. This commitment to financial strength and ethical operation assures stakeholders of ASO’s long-term viability and pivotal role in the economy.

ASO’s Enduring Commitment to Nigeria’s Future

ASO Savings and Loans Plc, led by its pioneering CEO, is more than just a mortgage bank; it is a driving force behind Nigeria’s national development. Through its innovative mortgage products, strategic expansions like the Union Homes integration, and a relentless embrace of technology, ASO is making homeownership a more accessible reality for Nigerians. Its demonstrated financial resilience and commitment to transparent governance position it as a trusted partner for investors and a key contributor to the nation’s economic progress. As Nigeria looks towards a future defined by inclusive growth and renewed hope, ASO Savings and Loans Plc stands ready, leading the charge to build a more secure and prosperous future, one home at a time.