THERE is no mentioning of mortgage financing in Nigeria without the mention of Dr. Young-Tobia Ekechi, the Managing Director and Chief Executive Officer (CEO) of First Generation Bank (FGMB), for his insightfulness at piloting his bank to close the gap in the nation’s housing deficit. Aside this, the core mortgage banker is introducing innovations and technology that would enable Nigerians in the Diaspora own their dream house in Nigeria without hassle.....KINDLY READ THE FULL STORY HERE▶
Dr Ekechi’s disruptive innovation in the industry, has not only earned him the sobriquet, the whiz kid of mortgage banking, but has also positioned FGMB as a leader and preferred choice bank among Nigerians who are desirous of affordable homeownership through mortgage financing.
An associate of the Institute of Directors, Ekechi boasts of over 22 years experience in diverse financial portfolio that includes project structuring and financing, business process re-engineering, operations and technology, control and compliance, as well as mortgage administration.
He started his banking career with Citibank in 1999, before joining Access Bank in 2007 and later ASO Savings and Loans Plc in 2008. He took off time to go into politics and became chairman, Ngor-Okpala local council of Imo State, from August 2011 to July 2012. When politics was, the resourceful and indefatigable manager dusted his certificates and worm himself back to his first love –– banking. He joined FGMB in 2018 and since taken it to a greater height.
Speaking about his bank, he said: “FGBM is a forward-thinking and tactical institution with precise strategies aimed at becoming the number one mortgage bank in Nigeria.
“Our customers, stakeholders and the nation form the core people in our strategic thinking and planning. We are a stable brand and will always stay afloat as a pacesetter with the Midas touch in mortgage investments and development.”
With the current housing deficit in Nigeria, which is estimated at over 22 million units, it is important to note that Primary Mortgage Institutions (PMI) have a major role to play in bridging the demand and supply gap and as a leading mortgage bank in the country, FGMB has not left any stone unturned.
The bank has taken up the challenge and embarked on the financing of thousands of affordable homes for Nigerians, including those in the Diaspora, at a single digit interest rate of 9.9 per cent. Only a leading and financial stable bank can create such opportunity for people to build their dream houses.
“FGMB is a financially stable brand with a balance sheet size of over N20 billion. We pride ourselves as the only PMI that has financed the acquisition of homes at a single digit interest rate. Our excellent relationship with Federal Mortgage Bank of Nigeria (FMBN) has facilitated NHF disbursement to more than 5,000 subscribers to facilitate their homeownership. FGMB is consistently bridging the housing deficit in Nigeria through the development and execution of multiple mass housing estates across the country.
“We recently executed a mortgage refinance agreement with Nigeria Mortgage Refinance Company Plc (NMRC). Following the agreement between both institutions, NMRC has successfully refinanced mortgages from FGMB with a total value of N1.188 billion. This partnership is targeted at providing FGMB with liquidity to enable it create more mortgages and, thereby, make homeownership more accessible. This will further give confidence and affirm the reliability and credibility of the bank to the public, its customers and shareholders,” he informed.
With a first degree in economics from Abia State University, an MBA in financial management from Ladoke Akintola University of Technology and a master’s in financial management from Institute Prima Bestari, Malaysia, Ekechi has over the years proved his worth as a thoroughbred financial expert and boardroom guru who sees every difficult situation as an avenue to birth innovations and set new records.This has earned him the fellowship of different professional institutes including, the Institute of Management Consultants, Institute of Credit Administration as well as the Institute of Corporate Administration of Nigeria.
In the past nine months, the whiz kid has lead FGMB to take and achieve some giant strides that include the granting of mortgage to 900 homeowners at a single digit interest rate of 9.9 per cent valued at N2.7 billion between January 2021 and December 2023; financed home purchase for 100 EFCC staff at a single digit interest rate valued at N1.4 billion; and launched its NextGen Home Account – a hybrid savings account — designed to create and instill savings culture, financial discipline and early thoughts of homeownership for the young people within the age bracket of 0-21 years.
Commenting on the challenges facing mortgage financing in the country, the FGMB boss explained that finance is the major challenge, saying it is prevalent because the provision of housing requires huge financial resources, which most of the medium and low-income earners in Nigeria do not have and are as such unable to afford their dream houses.
He said: “Mortgage finance is the corner stone of housing construction. This implies that the implementation of housing development is contingent largely on the availability of funds. To address this issue, Federal Government has to develop liberal housing policies, create opportunities for employers and merchants, as well as Primary Mortgage Institutions to make funds available for intending house owners to build or buy houses of their own with the support of agencies such as the Federal Housing Authority (FHA), Federal Mortgage Bank of Nigeria (FMBN), Nigeria Mortgage Refinance Company (NMRC) and the Family Homes Fund (FHF). At FGMB, we have financed mortgage for thousands of Nigerians who today are owners of decent and affordable homes and we are not relenting.”
Ekechi also noted that the cost of land acquisition is very high and in some location beyond the reach of the ordinary man, and called on government and the various agencies concern to make land available for people to build on as well as streamlining and quickening the process of perfecting land titles.
He disclosed that these are among the reasons some people find it difficult to build and as such have contributed to widening the deficit in the nation’s housing need.
Having performed so credible, the bank has received arousing accolades and awards from diverse and varied groups. These awards are: the Best Mortgage Finance Bank in West Africa for the year 2019; Best Indigenous Mortgage Bank of the Year (2020 and 2021) by the National House Fair; business Innovation and Excellence: Special Award to the MD/CEO of FGMB (Award of Excellence in the Financial Industry 2021 by the National House Fair); Most Customer Friendly Bank 2021, (National Peace Award); Most Innovative Mortgage Bank of the Year 2021 (Africa Int’l Housing Awards).
Others include: Mortgage Person of the Year 2023 by the prestigious Africa Housing Awards and Hall of Fame; and Icon of Vision and Excellence Award 2024 by the Institute of Corporate Administration.
Not ignorant that his bank is in the forefront of innovation and mortgage financing in the country, the FGMB boss attributed the success of the bank to the diligence and commitment of the staff and the management team, saying their passion and innovative initiatives have to a very large extent contributed to the landmark achievements the bank is enjoying both locally and outside the shores of the country.
According to him, the contributions of the members of FGMB board, especially the leadership and guidance of the proprietor and the immediate past chairman of the bank, Chief Fabian Nwaora, have contributed to the bank winning the various awards as well as the plethora of accolades coming from different organisations.
Ekechi disclosed that the awards and accolades show the great impact the bank has made in mortgage financing, on the people, many people homeowners and the economy.
He said: “My board members are wonderful assets to the bank. The founder and immediate past chairman, Chief Fabian Nwaorah is ever ready to direct us towards achieving success. His vast experience in real estate has played significant role in the various joint ventures that saw us offering mortgages at single interest rate over a period of 10 years.
Harping on the viability of the bank, Ekechi disclosed that FGMB is solid and has over N19 billion in mortgage assets and would continue to invest in the mortgage financing in the country.
Dr. Young Tobias Ekechi, GMD First Generation Mortgage Bank