Last weekend, Cooperative Mortgage Bank hosted guests,shareholders, customers, members of staff at her 25th-anniversary celebration tagged CMBank Green Gala in Ibadan, Oyo State. The acting chairman of the board of directors, AVM Walter Ogujiofor (RTD), welcomed shareholders and guests present. He further shared with guests, the bank’s journey to her silver jubilee. Walter Ogujifor stated that the bank started business operation in 1994 and added that the Bank was the first primary mortgage institution (PMI) to access the National Housing Fund (NHF) and that it continues accessing the facility till date.
He said, “In 2009, the bank had not only accumulated losses but also had to be recapitalised, necessitating new investors and a more astute management team that is still serving till date and has successfully prevented the collapse of the bank at least twice when regulatory recapitalisation was mandated.”