The Jigawa State Executive Council has approved a N1 billion recapitalisation of the state-owned Jigawa Savings and Loans Limited to strengthen its financial position and ensure regulatory compliance.
The decision was announced by the Commissioner for Information, Youth, Sports and Culture, Sagir Musa, during a press briefing on the outcome of the council’s first meeting of 2026, held in Dutse on Friday.
Jigawa Savings and Loans Limited provides residential mortgage financing and other loan services, mainly to employees of the Jigawa State Government.
According to Musa, the capital injection is aimed at ensuring the institution meets the minimum capital requirements prescribed by the Central Bank of Nigeria (CBN) for Primary Mortgage Banks.
“The recapitalisation underscores the commitment of the Governor Umar Namadi-led administration to ensuring the sustainability of state-owned financial institutions.
“The move will safeguard depositors’ funds and enhance access to affordable mortgage and housing finances for the people of Jigawa,” he said.
He added that the move would help safeguard depositors’ funds and enhance access to affordable mortgage and housing finance for residents of Jigawa State.
Musa explained that the council’s approval aligns with the CBN’s regulatory framework designed to promote sustainable operations within the mortgage banking sector.
He noted that the recapitalisation would also improve the capacity of Jigawa Savings and Loans Limited to contribute more effectively to housing development in the state.
The commissioner reaffirmed the state government’s commitment to prudent financial management, institutional reforms, and regulatory compliance, adding that the initiative reflects the administration’s broader agenda of efficiency, transparency, and long-term viability of public institutions.
