MorganCapital to Facilitate Fund Raising for Omoluabi Mortgage Bank

MorganCapital Group is to lead a consortium of investment banks that will facilitate the process of raising fresh funds for Omoluabi Mortgage Bank Plc. The fund raising exercise will solidify the bank and enable it transform to national mortgage bank.

Chairman, Omoluabi Mortgage Bank Plc, Alhaji Adebayo Jimoh disclosed this after sounding the closing gong at the Nigerian Stock Exchange (NSE) in Lagos recently.

According to him, the bank has its eyes set on becoming a national mortgage bank and will therefore undergo a fundraising activity anytime soon, with a consortium of investment banks led by MorganCapital Group to activate the process.

“With the impending investment inflow into the mortgage sector, the bank is positioning itself to maximize such opportunity effectively. The transformation in the bank is not going unnoticed while corporate governance has improved greatly. The quality of management staff has also improved. The bank is currently one of the most liquid mortgage banks in the sector with quality risk assets,” Jimoh said.

The board and management team of the bank were received by the Executive Director, Capital Markets, NSE Mr. Haruna Jalo-Waziri to share the expansion and growth strategies of the bank.

Speaking on the development, the Chief Executive Officer, MorganCapital Group, Mr. Olumuyiwa Adeyemi, said the market was excited that an investment bank of MorganCapital competence is involved in this transaction.

“Our Group provides a comprehensive range of investment banking and financial advisory services to private, public sector, corporate, and institutional clients, while we also focus on providing unbiased financial advisory and investment banking services to individuals and institutions that are seeking to invest in Africa or already involved in investing in Africa,” he said.

Omoluabi Mortgage Bank Plc, which is a state primary mortgage institution, was formally wholly owned by the Osun State Government. However, the state government divested from the Bank in 2013 same year the bank did a fundraising via initial public offer which further diluted the interest of the state in the bank. The bank was listed on the Nigerian Stock Exchange in 2014 and has since been performing optimally.

On the hand, MorganCapital is a full fledge investment banking, securities trading and principal investments firm, with licenses from the Nigerian Securities & Exchange Commission and the NSE. The company provides a comprehensive range of investment banking and financial advisory services to private, public sector, corporate, and institutional clients.