Jigawa State Approves N1 Billion Recapitalisation for State-Owned Savings and Loans Firm

The Jigawa State Executive Council has approved a N1 billion recapitalisation of Jigawa Savings and Loans Limited to strengthen its financial position and ensure regulatory compliance. The announcement was made by the Commissioner for Information, Youth, Sports and Culture, Sagir Musa, during a press briefing on Friday in Dutse, following the council’s first meeting of 2026.

Jigawa Savings and Loans Limited, a state-owned financial institution, primarily provides residential mortgage financing and other loan services to employees of the Jigawa State Government. According to Musa, the capital injection is intended to ensure 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,” Musa said. “The move will safeguard depositors’ funds and enhance access to affordable mortgage and housing finances for the people of Jigawa.”

He added that the initiative aligns with CBN’s regulatory framework designed to promote sustainable operations within the mortgage banking sector. The commissioner also noted that the recapitalisation would improve the capacity of Jigawa Savings and Loans Limited to contribute more effectively to housing development in the state.

Musa reaffirmed the government’s commitment to prudent financial management, institutional reforms, and regulatory compliance, emphasizing that the move reflects the administration’s broader agenda of efficiency, transparency, and long-term viability of public institutions.