Business

FG To Seize Mortgaged Property of Defualting Retiring Public Servants

Published

6 months ago

April 23, 2025

Joel Ajayi

Federal Government Staff Housing Loans Board will henceforth seize mortgaged properties of retiring federal public servants who failed to fully repay the housing loans advanced to them by the board.

In a statement issued by the Staff Housing Loans Board Head, Information & PRU Obiechina Ngozi on Wednesday in Abuja reveals that this is in accordance with the Public Service Rules 021002 (p) as issued by the Office of the Head of the Civil Service of the Federation.

The OHCSF sent out the memo as a reminder for the federal public servants who are about to retire to adhere strictly to the provisions of the Public Service Rules.

The memo reads; “I am directed to bring to your attention the provision of Public Service Rule (PSR) 021002 (p), which mandates all public servants to obtain a Certificate of Non-indebtedness to the Federal Government Staff Housing Loans Board (FGSHLB) and any MDA Staff Multipurpose Cooperative Society, as issued by the OHCSF, as a prerequisite for retirement.”

“Further to the above, it should be noted that in the event of exiting the service prior to full repayment of the housing loan advanced by the FGSHLB, the Board shall exercise its legal right to seize the mortgaged property.”

Speaking on the above, Salamatu Ladi Ahmed, Executive Secretary, FGSHLB, reiterated that the warning is also for retired officers who defaulted.
She stated that the management of the Board, on its part, is compiling the list of all retired federal public servants who are still owing the housing loans they obtained while in service, to be sent to relevant regulatory agencies to recover the debts from them.

FGSHLB is committed to ensuring that all public servants comply with this rule and obtain the necessary Certificate of Non-indebtedness before retirement, and urge all those affected to take immediate action and settle any outstanding debts or liabilities with the Board.

Share on Facebook

Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

1 week ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

Share on Facebook