The history of Nigeria Police Mortgage Bank Plc is evidenced by the following significant milestones.
- The National Housing Fund Act was enacted in 1992 to under S.2 (A –F):
- Facilitate the mobilization of the Fund for the provision of houses for Nigerians at affordable prices.
- Ensure the constant supply of loans to Nigerians for the purpose of building, purchasing and improving of residential houses.
- Provide long term loans to mortgage institutions for on-lending to contributions to the Fund. S2 (f) is further complimented by S8.
The Nigeria Police Force is the most significant contributor to the Fund till date with over N8B.
- Fokas Savings and Loans Limited (Mortgage Bankers) was incorporated in November 1992 and licensed to operate as a mortgage bank in January 1993.
- The Nigeria Police Force vide its important organ Nigeria Police Cooperative Multi-Purpose Society Limited acquired majority shares in Fokas Savings and Loans Limited in April 2012.
- The Board of Directors of Fokas Savings and Loans Limited (Mortgage Bankers) was inaugurated by the Inspector–General of Police M.D. Abubakar CFR, FCE, FCPA, FCAI, FIIPS, PSC, NPM, mni on May 16th, 2012 with the charge to transmute Fokas Savings and Loans Limited (Mortgage Bankers) to Nigeria Police Mortgage Bank Plc compliant with all Nigeria Legislation and regulatory obligations.
- The Completion Board meeting of the Bank was held on July 26th, 2012 for the sale of shares by private placement.
- Sensitization programme started on August 04, 2012 while the Police Management Team further approved the sale of shares to police officers and men to invest in the shares of the Bank to avail each officer the benefits derivable from the Fund and the Bank.
PRESENT STATUS OF THE BANK
Upon application for change of the Bank’s name to CBN and confirmation of appointment of new directors and having successfully met the capitalization requirements, these prayers were answered by the regulatory authority i.e CBN on December 4, 2013.
Subsequent to the above, the Corporate Affairs Commission (CAC) duly approved the conversion of Fokas Savings and Loans Ltd to Fokas Savings and Loans Plc and finally to Nigeria Police Mortgage Bank Plc.
The Bank has been approved by the Central Bank of Nigeria to operate as a Primary Mortgage Institution with full legal rights of a State Primary Mortgage Bank in Nigeria. The Bank Head Office is located at Plot 11, Portsaid Street, Wuse Zone 4, Abuja.
The Board and the Management of the Bank strategically plan to achieve National PMB status within the shortest time.