The “Financial Institutions” is one of the three components that constitute the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI). The other two are the Banks and Insurance. Financial Institutions comprises of Federal and State Governments’ extra-Ministerial Financial Institutions, including…
Nigeria Social Insurance Trust Funds (NSITF). NSITF is one of the foremost social insurance Institutions in African with a history dating back to 1961. It started in 1961 as the National Provident Funds (NPF) and changed to NSITF in 1993. ASSBIFI has about six thousand (6000) Members in NSITF.
Federal Mortgage Bank (FMBN). FMBN was established in 1977 to replace the Nigeria Building Society (NBS) founded in 1956, to provide long-term credit facilities to clients purchasing real estate properties. FMBN was the only mortgage institution until 1985, when the Central Bank of Nigeria (CBN) started licensing other firms and increasing the number of mortgage firms to thirty-four, currently. There are over seven hundred Members of ASSBIFI in FMBN.
Lagos Building and Investment Company (LBIC). LBIC was established by the Lagos State Government in 1980. The company was established to avail mortgage facilities to allottees of the various mass housing programs of the Alhaji Lateef Jakande Administration. LBIC is the foremost mortgage financial institution in Lagos State. More than fifty employees of the firm are Members of ASSBIFI.
Bank of Agriculture (BOA). The BOA was established in 1973 to stimulate agriculture, improve lives, and better lives of the Nigerian farmers including the rural farmers. In 1978 the name of the bank was changed to Nigerian Agricultural and Cooperative Bank Limited to reflect its mission and mandate. ASSBIFI Membership in BOA exceeds five hundred and twenty-five active members.
Nigeria Agricultural Insurance Corporation (NAIC). NAIC was established in 1987 by the Federal Government of Nigeria to provide farmers succor and protection against natural disasters by way of insurance cover. ASSBIFI NAIC Membership is almost two hundred.
Other constituents of “Financial Institutions” include First Guarantee Pensions with about one hundred Members, Benue Investment and Property with over forty Members, and Pabod Finance and Investment with over twelve Members.