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Aregbesola Open First Branch of Omoluabi Mortgage Bank Plc.

By Bamidele Moses

Osun State Government has opened the first branch of Omoluabi Mortgage Bank Plc in Ejigbo with assurance by his administration to promote the general well being of the citizenry in spite the current economic situation in the country.

While assuring the residents of the state on his administration’s determination to turn the state to commercial hub of the nation’s economic activities with determined provision of modern infrastructure.

Governor Rauf Aregbesola stated this at the commissioning of the branch of the bank described the current economic situation as a huge disaster in the annals of political history in the country.

He added that the only panacea to avert the adverse effects of the economic crisis was for government to focus more on agriculture, commercialization, technology and industrialization.

The Governor held that apart from massive development in agriculture sector by the current administration in the state, his government would leave no stone unturned in deploying all mechanism to facilitate an enhanced development of commercial sector.

He said in his bid to reposition the state, the current government, having understood the threat posed by the present economic situation, had resolved to shift attention to all other aspects of the economy so as to enhance all round economic development.

Governor Aregbesola, who attributed the giant strides made so far by his administration to what he regarded as appropriate implementation of essential policies and genuine intervention on socio-political and economic activities of the state, his government had made landmark marks achievement in all sectors of the economy since assumption of office.

Aregbesola said the provision of infrastructure in every nook and cranny of the state was a contributory factor to present emerging opportunities coming to the state.

Speaking on the economic importance of the new bank, Governor Aregbesola noted that the choice of Ejigbo as the first point of establishing a branch of the bank is to develop the commercial activities of the ancient town.

Governor Aregbesola said the establishment of the bank was considered as a matter of urgency in order to cushion the vacuum created with the absence of commercial banks in the ancient town.

Aregbesola further stressed that the establishment of the new bank in the town was to reduce the stress being encountered on daily basis by the residents of the ancient town and its environs most importantly on banking services.

He said, “With this project, it is evident that our administration is aggressively committed the general wellbeing of our people irrespective of socio-political, economic or ethnic affiliations.

“As we are working round the clock to reposition the state in all sectors of the economy, we will equally remain focused to turn the state to commercial hub of the nation’s economy through the with provision of modern infrastructural facilities to raise the standard of living of our people across the state.

“In spite the current economic situation in the country, we will not forfeit or cancel any of the ongoing projects, but rather ensure their total completion before the expiration of this tenure.

“Though the current economic situation has posed a huge financial constraints on us, but nevertheless, we will continue to tap from the abundant God-given resources of the state to promote a worthy life for the good people of this state.

“Just as our government has brilliantly diversified its economy to agriculture and other non-oil sectors, we shall replicate this gesture to improve commercialization, technology and industrialization as we are ready to deploy all mechanism to facilitate quick development of commercial sector”, Aregbesola added.

Governor Aregbesola who attributed the giant strides made so far by his administration to what he regarded as appropriate implementation of essential policies and genuine intervention on socio-political and economic activities of the state, noted that his government had made landmarks achievement in all sectors.

He said, “Omoluabi Mortgage Bank is not only establishing a branch in Ejigbo, but is being commissioned with a much bigger, better and stronger banking services that will assist and boost commercial activities in Ejigbo and its environs.

“Our efforts at branch expansion are to enable us reach the nooks and crannies of the state and at the same time promote economic development by empowering businesses and creating employment opportunities.

“Ejigbo has become our first port of call for branch expansion just as we gave the town the priority because the community has been starved of banking service providers for quite some time now coupled with the desire of our administration at extending the dividends of democracy to the entire citizens.

Aregbesola who hinted that plans are underway to extend the branches of the bank to other towns in the state, added that at least 3 more branches of the bank will be commissioned before the end of the year while also stressing that the state is working towards increasing its capital base to N5billion at the capital market.

While expressing gratitude to the people of Ejigbo and its environs for their unflinching support towards the present administration over the years, the Governor revealed that plans are in top gear for the establishment of a leading commercial bank in the town in the next six months.

Earlier, the Chairman, Board of Directors, Omoluabi Mortgage Bank, Dr. Wale Bolorunduro, who described the unfolding infrastructural developments springing up across the state as remarkable in the history of Osun, said with the emergence of the new bank, the state is moving towards genuine economic revolution.

Bolorunduro attributed the new development to what he regarded as a remarkable milestone in the life of Omoluabi Mortgage Bank Plc which, according to him, has been competing meaningfully with its peers globally.

He explained that the bank was initially registered as Living Spring Building Society way back in 1993, but over time, had gone through some transformational changes all in structure, form, nomenclature, management and capital funding before it recently became Omoluabi Mortgage Bank Plc.

He said the financial institution has successfully met the listing requirements of the Nigeria Stock Exchange and Securities and Exchange Commission respectively.

According to him, “This bank is sufficiently empowered to compete successfully with its peers in the sub-sector.

“The recent recapitalization of Omoluabi Mortgage Bank was aimed at apart from strengthening the bank but to reposition it to take advantage of the emerging opportunities in the local market for speedy growth and profitability.

“It is our hope that through patronage and cooperation of our host communities here, there will be no cause to think that this choice was misplaced”, he added.

He therefore commended Governor Aregbesola for his genuine support at raising the wings of the bank to greater heights.

In his address, the Speaker, Osun State House of Assembly, Hon. Najeem Folasayo Salam, described the bank as a great economic development and positive impact on the lives of the citizenry.

He said with this development, the state has a brighter future to triumph in banking sector.

He expressed profound gratitude to the state government for continuously prioritizing development and transformation in every nook and cranny of the town.

The Ogiyan of Ejigbo, Oba Omowonuola Oyeyode Oyesosin, applauded the state government for considering the town as first beneficiary of the first branch of the state Omoluabi Mortgage Bank Plc.

The royal father described the current economic situation as a general disaster not only in the state or Nigeria but the entire world.

He urged the people to bear with the state by performing their civic responsibilities diligently especially on tax payment.

He therefore called on his subjects to make judicious use of the opportunities brought to the town through the new bank so as to enhance their general well being.