Top CEOs/MDs of Mortgage banks in Nigeria by market cap

Taiwo Ajayi
15 Min Read

 By Deborah Dan-Awoh

Nigeria faces a staggering housing deficit of 28 million units, demanding an estimated N21 trillion for meaningful intervention.

Despite this pressing need, widespread multidimensional poverty hinders many citizens from realizing their dream of homeownership.

The challenge persists, even as authorities strive to create more affordable housing opportunities. According to a 2020 Central Bank report, addressing this housing gap requires between N15 trillion ($40.1 billion) and N20 trillion ($53.4 billion) in mortgage financing.

The historical underdevelopment of Nigeria’s mortgage system is attributed to economic hurdles, restricted finance access, high interest rates, stringent lending criteria, and substantial down payment requirements.

Mortgages serve diverse purposes, acting as a gateway for low-income earners to access properties beyond their financial means.


For investors, mortgages are essential tools for wealth creation and financial security. Leveraging borrowed funds for property acquisition allows investors to benefit from the property’s value appreciation, fostering equity accumulation over time.

However, commercial banks offering home loans in Nigeria present challenges, with interest rates hovering around 25%, coupled with short maturities.

This has led to a significant portion of loans having tenures of fewer than 30 days, limiting accessibility for many Nigerians.

To address these issues, the Federal Mortgage Bank of Nigeria (FMBN) emerged in 1994 as a pivotal mortgage institution.

FMBN aims to deliver accessible and affordable homes through long-term credit to mortgage institutions, administer the National Housing Fund (NHF), and mobilize funds for the residential real estate segment.

Despite sector challenges, mortgage companies within Nigeria contribute, albeit modestly, to the housing sub-sector.

In 2022, the Central Bank disbursed N37.6 billion in loans and advances to mortgage banks, including the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company.

While the mortgage market faces hurdles, CEOs and MDs within these institutions remain resilient, navigating challenges to contribute to a potential future where affordable housing is accessible to Nigerians, bridging the housing deficit.

Moving on, let’s meet the CEO and MDs leading some of Nigeria’s biggest mortgage carriers and brokerages according to their market capitalization.

Kayode Awolu-Managing Director Jubilee-Life Mortgage Bank

Kayode Awolu, the current Managing Director/CEO of Jubilee Life Mortgage Bank Plc, is a distinguished financial leader with a strong background in economics.

Holding a Bachelor of Science (B.Sc.) degree from the University of Ibadan and a fellowship at the Institute of Chartered Accountants of Nigeria (FCA), Awolu brings extensive expertise to his role.

His seven-year stint as the Executive Director for Business Development and Treasury at Jubilee Life Mortgage Bank showcased his strategic leadership.

Before this, Awolu played pivotal roles at First Bank of Nigeria Ltd., notably as the Group Head of Corporate Banking in Portharcourt South, and at Access Bank Plc, where he served as Group Head in the Commercial Banking division for Apapa and Festac Region Lagos.

Korede Adedayo- MD/CEO of FirstTrust Mortgage Bank Plc

Korede Adedayo, the Managing Director/CEO of FirstTrust Mortgage Bank Plc, is a stalwart in the Nigerian mortgage banking sector.

With a career spanning over three decades, he commenced his journey at the West African Examination Council (WAEC) in 1990.

Transitioning to the banking sector in 1997, Adedayo garnered experience from EIB International Bank, Indo-Nig Bank, United Bank for Africa (UBA), and Keystone Bank (Bank PHB). His tenure at First Bank of Nigeria Limited saw him pioneer the Private Banking suite and contribute to the establishment of Providus Bank.

Appointed MD/CEO of FirstTrust Mortgage Bank Plc in 2018, Adedayo led the successful merger with TrustBond Mortgage Bank Plc, solidifying FirstTrust’s position as Nigeria’s largest mortgage bank.

A graduate of Accounting from Lagos State University, Adedayo is a Fellow of the Institute of Credit Administration (FICA), a member of the Institute of Directors (IODs), an Honorary Fellow of the Chartered Institute of Bankers of Nigeria (HF), and a member of the Economic Advisory Council, Kogi State.

This is an off-shoot of the merger between First Mortgages Limited with TrustBond Mortgage Bank in September 2019.

The two entities have a long history dating back to 2003. It is one of the most capitalised mortgage banks with a strong capital base and assets of over N20billion dedicated to serving the financial needs of Nigerians in terms of mortgage loan services.

Young-Toby Ekechi-MD of First Generation Mortgage Bank

Young-Toby Ekechi serves as the Managing Director/Chief Executive Officer of First Generation Mortgage Bank Limited, commencing his role on April 9, 2018.

READ ALSO: Federal Mortgage Bank of Nigeria Plans Massive Housing Finance Under Renewed Hope Agenda

With an extensive background in Banking Operations, he previously held the position of Group Head of operations and Technology at ASO Savings and Loans PLC, a prominent Mortgage Bank in Nigeria. Boasting over 18 years of diverse experience in the financial services sector.

  • He holds various academic and professional qualifications, including a BSc in Economics from Abia State University, an MBA in Financial Management from Ladoke Akintola University of Technology, and an MSc in Financial Management from Institute Prima Bestari Malaysia.
  • His banking career commenced in 1999 with Citibank, where he held various positions during his 8-year tenure. Later, at Access Bank, he coordinated branch operations in Abuja.

The company’s authorized share capital stands at N2.5 billion comprising 2,500,000,000 ordinary shares at N1 each.

The paid-up share capital is N2.29 billion with a shareholders’ fund exceeding N3.5 billion and a robust total asset base surpassing N21 billion as of December 31, 2022.

Adeola Simon-MD/CEO Brent Mortgage Bank

Simon has over 18 years of experience, including 15 years in Commercial and Mortgage Banking, both locally and internationally. She studied Biology at Howard University, Washington DC in 2005.

  • Shifting her focus to the banking sector, she furthered her expertise with a Master of Business Administration from Kennesaw State University, Kennesaw, G.A., specializing in Organizational Leadership and Management.
  • She held key roles at renowned financial institutions such as Suntrust Bank, J.P. Morgan Chase, and Bank of America, culminating in her recent appointment as the Managing Director/Chief Executive Officer at Brent Mortgage Bank Limited. Before this, she served as the Executive Director overseeing Credit & Enterprise, and Risk Management portfolios.

Brent Mortgage Bank Ltd emerged from Skyfield Savings and Loans Ltd, commencing operations in 2002 with a capital base of N200 million, later increased to N1 billion in 2007.

In April 2010, new management and a reconstituted board assumed control.

To align with regulatory requirements, the board and management conducted private placement exercises, elevating the adjusted Share Capital to N2.5 billion.

This strategic move aimed at meeting the Central Bank of Nigeria’s minimum capital requirement for a State Primary Mortgage Bank License, revitalizing stakeholder interest.

Demonstrating a commitment to transforming Mortgage banking in Nigeria, the organization embraced a new corporate identity, leading to the adoption of the name Brent Mortgage Bank Ltd, effective April 1, 2014, following approval by the Central Bank of Nigeria and necessary updates at the Corporate Affairs Commission.

Abimbola Olayinka- CEO/Managing Director, Resort Savings & Loans PLC

Abimbola Olayinka holds the position of Managing Director at Resort Savings & Loans and is a Board Member at NiRA, overseeing the .ng registry.

As the President of the Mortgage Banking Association of Nigeria (MBAN), he advocates for increased government support to boost the mortgage sector.

Abimbola is also a Council Member and Fellow of the Nigeria Computer Society. Resort Savings & Loans, licensed for mortgage banking since November 29, 1993, has shown steady growth and solid achievements under his leadership.

The company, with a market capitalization of N2.265 billion, has successfully navigated the challenges of mortgage banking and continues to build public confidence.

Olumide Adedeji – Acting Managing director/CEO of Living Trust Mortgage bank

Olumide Adedeji is a seasoned banker with 25 years of experience spanning Retail Banking, Commercial Banking, Corporate Banking, Telecoms, Hospitality, and Real Estate.

  • A Fellow of the Institute of Chartered Accountants of Nigeria, he is also an Associate of the Chartered Institute of Taxation of Nigeria, a Certified Risk Manager, a Chartered Manager, and a Certified Forensic Investigation Professional.
  • Deloitte-trained, Olumide has excelled in competitive business environments, achieving new client acquisition, revenue growth, and increased market share in Botswana, Ghana, and Nigeria.
  • With leadership roles in prominent banks, he holds a Doctorate, Master’s, and Bachelor’s degree in Physics from the University of Ibadan.

LivingTrust Mortgage Bank Plc reported a 17.96% decline in its profit after tax, totalling N745.80 million by the end of December 2023, compared to N909.15 million in the previous year.

The unaudited financial statements for the fourth quarter, approved by the board on January 19, 2024, and filed with the Nigerian Exchange Limited, revealed a 14.22% increase in gross earnings to N2.9 billion.

Loans and advances to customers increased to N12.991 billion from N10.679 billion, while customers’ liabilities rose to N9.062 billion from N5.491 billion. Living trust Mortgage bank has a market capitalization of N16.35 billion.


Risikatu Ladi Ahmed, a seasoned banking professional, boasts nearly three decades of exceeding goals and expectations in the industry.

A chartered director from Insead Business School and certified in Corporate Governance, she took the helm as MD/CEO of ASO Savings and Loans Plc in May 2021, tasked with repositioning the bank as a Mortgage Banking front liner.

  • As the first female to hold this position at ASO, Risikatu, recognized by Women in Management, Business, and Public Service (WIMBIZ), brings strategic direction and market positioning to the institution.
  • With a legal background, including a law degree and a master’s in law, she continues to lead with distinction, drawing from her diverse educational experiences, including Harvard Business School and Wharton Business School’s Advanced Management Program.
  • As a testament to her leadership, she was an Executive Director at ASO, overseeing critical functions from 2015 to 2021.

The company has a market capitalization of N7.37 billion as of 2024.

Mobolaji Adewumi-MD/CEO of Abbey Mortgage Bank

Mobolaji Adewumi, the Managing Director/CEO of Abbey Mortgage Bank, is a seasoned financial services professional with profound expertise in sub-Saharan Africa.

He assumed the position of Managing Director/CEO at Abbey Mortgage Bank in April 2022, showcasing his leadership and financial acumen.

  • Holding an MBA in Finance from Judge Business School, University of Cambridge, and a BSc in Management and Accounting from Obafemi Awolowo University, Ile-Ife, he became a Chartered Accountant (ACCA) in 2007.
  • Bolaji has a rich professional history, including roles at KPMG, UBA, Africa Finance Corporation, Egon Zehnder International London Office, and Fairtrade International.
  • With diverse experiences, he served as a Special Adviser at Aso Savings, Special Assistant at First Bank, and later as Group Executive Director of finance at VFD.

Abbey Mortgage Bank Plc showcased resilience in its unaudited financials, navigating inflationary challenges to achieve a net profit of N856.26 million, marking an 11.79% surge from December 2022.

The bank’s interest income witnessed an impressive 49.27% rise, reaching N49.27 billion, while fees and commission income experienced an 83.15% dip to N395.08 million.

Demonstrating cost efficiency, total operating expenses decreased by 1.70% to N2.31 billion. Notably, Abbey Mortgage successfully curtailed Non-Performing Loans (NPLs) over the past three years, indicating robust asset quality amid industry-wide challenges. Abbey Mortgage Bank has a market cap of N24.78 billion


Sunday Olumorin serves as the Managing Director and Chief Executive Officer of Infinity Trust Mortgage Bank Plc, a prominent national Primary Mortgage Institution in Nigeria.

With a wealth of over 20 years in banking, mortgage, and real estate development, he joined ITMB Plc on March 21, 2005. His extensive expertise has significantly contributed to the bank’s growth and transformation.

  • Olumorin has held pivotal roles in strategic departments, including Business Development, Financial Control, Inspection, and Internal Control.
  • He holds a B.Sc. in Accounting from the University of Lagos and an MBA from the University of Ilorin. An alumnus of Lagos Business School, he has undergone specialized training in Credit, Banking Operations, Management, Leadership, and Strategy, both locally and internationally.

The company currently boast a capital of N33.28 billion.

Source: Nairametrics

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