ASABA/Nigeria: Delta State Governor, Rt. Hon. Sheriff Oborevwori, has reaffirmed his administration’s commitment to transforming the Delta Trust Mortgage Bank Limited into a nationally recognized mortgage institution before the end of 2025.
The Governor’s assurance was conveyed during a one-day retreat held in Asaba for the Board, management, and staff of the Bank. Themed “Repositioning the Delta Mortgage Bank Limited for National Relevance: A Collective Call to Action,” the retreat served as a platform to evaluate the bank’s performance and lay the groundwork for future expansion and regulatory upgrades.
Chairman of the Board, Hon. Jude Omena Ogbimi, a former lawmaker and professional accountant, disclosed that the Bank had significantly turned the corner from a precarious financial position. “Before this sixth Board was inaugurated by His Excellency, the bank had a deficit of N638 million and was on the brink of collapse,” Ogbimi said. “We’ve reversed that trajectory and are now building toward national relevance.”
Ogbimi revealed that the bank currently operates its head office in Asaba with branches in Warri and Effurun, and contact centers in Ozoro and Ughelli. Plans are underway to open additional contact centers in Agbor and Sapele by July and August 2025, respectively.
He emphasized that although Delta Trust Mortgage Bank is state-owned, it is not an arm of the civil service. Its operations, he said, are guided by the Companies and Allied Matters Act (CAMA), the Banks and Other Financial Institutions Act (BOFIA), and regulated by the Central Bank of Nigeria (CBN).
Ogbimi stressed the bank’s readiness to support home ownership for Deltans, including civil servants, through accessible mortgage loans, without risking the institution’s stability. He assured that past sharp practices and unethical conduct had been completely eradicated under the current Board’s leadership, crediting the turnaround to reforms initiated under the Governor’s MORE Agenda.
“Our team inherited a financial mess, a demoralized workforce, and a legacy of mismanagement. But today, we are on a clear path to sustainability,” he added. “Thanks to the Governor’s support, the old order has been dismantled.”
Acting Managing Director and CEO of the bank, Barrister Joshua Muwhen, stated that the retreat aimed to realign the institution’s vision and address operational weaknesses. He confirmed that the bank is committed to meeting the CBN’s new recapitalization requirements, as part of its strategic goal to attain national mortgage banking status.
“We’ve made significant strides—from migrating to the Fin-Trak core banking platform, to accelerating RSA processing and improving loan recovery efforts,” Muwhen said. “Our appeal for a N3 billion capitalization boost is under consideration, and we’re confident it will take us across the national threshold.”
He also reiterated the Bank’s focus on regulatory compliance, digital transformation, and stakeholder satisfaction, noting that the institution is now better positioned for visibility, performance, and integrity.
Delivering lectures at the retreat, Directors Mr. Gibson Pinnick and Mr. Joe Ogbolu addressed themes on corporate culture, change management, and compliance. They urged staff to become brand ambassadors of ethical banking and emphasized that non-compliance would derail the bank’s strategic vision.
Participants lauded the retreat as a landmark initiative that not only improved their understanding of internal reforms but also empowered them to contribute actively to the Bank’s transformation journey.
The retreat closed with renewed pledges from staff and management to uphold professionalism and reposition Delta Trust Mortgage Bank as a model financial institution in Nigeria’s mortgage sector.
