Abbey Mortgage Rebrands, Commends Inclusion of Foreclosure Procedures in Lagos Property Law

Dike Onwuamaeze
The Managing Director of the Abbey Mortgage Bank Plc, Mr. Madu Hamman, has described the Lagos State Government’s ongoing amendment of its mortgage and property law to include foreclosure procedures as a positive development that would improve the fortunes of the operators in the industry and address the challenge of housing deficit in the state and entire country.

Hamman said: “The Lagos State Government review process to amend the state’s mortgage and property law by incorporating foreclosure procedures is a very positive development for our sector and we enjoin other state governments in the country to emulate Lagos State.

“This is one of the innovations that is designed to improve the fortunes of the mortgage industry and we will continue to engage with various authorities for continual improvement of the operating environment.”

He made these statements on Wednesday during the unveiling of the Abbey Bank’s new logo that is meant to signify the rebranding of the 29-year mortgage bank and its new direction as “we have returned the bank to the path of profitability and significantly grown our customer base, size of balance sheet and share of the market.”

Hamman said that the Abbey’s mission is to become the first choice for mortgages housing finance and investments and this rebranding would reposition the bank to be able to occupy its pride of place as a clear leader in the sub-sector.

“We have also introduced our e-banking channels. We will be rolling out our internet and USSB platforms that would empower our customers to transact seamlessly from wherever they may chose. Shortly we will introduce an interactive and easy to use mobile app channel, which we are confident to delight our customers,” Hamman said, declaring that “it is really an exciting time at Abbey.”

The Chairman of Abbey Mortgage, Mr. Emma Kanu O. Ivi, said that the good thing about this event is that “we are unveiling of our bigger dreams. We went through times of trials and overcome. Our vision is to become the biggest mortgage institutions out of Africa. But we demand adequate laws that will ensure easy operation for institutions and organisations in mortgage banking.”

The Special Adviser to the Lagos State Governor on Works and Infrastructure, Ms. Aramide Adeoye, who was the guest of honour at the unveiling of the new logo, has called for the establishment of a mortgage division in the judiciary system all over the country to quicken the process of foreclosure in case of default. “Lagos State has already set the pace by establishing a Mortgage Division of the State High Court,” she said.