Basheer Oshodi

Basheer Oshodi

Non-Interest Banking Group Head at Sterling Bank Plc

Location:
Sterling Towers 20 Marina Lagos Island, Lagos, Lagos, Nigeria

General Information

Experience

External Examiner  - Da Vinci Institute for Technology Management

Visiting Scholar  - UNL

Manager Research and Programme Manager - Non-Interest Finance  - EFInA

Head, Islamic Banking Risk and Compliance  - Stanbic IBTC Pension Managers Limited

Affiliations

Senior Fellow  - TRANS4M

Co-Founder  - CISER Nigeria

Co-founder  - Center for Integral Social and Economic Research

Head, Islamic Banking Risk and Compliance Stanbic IBTC Bank, A Member of Group  - Standard Bank

Recent News  

Dr Basheer Oshodi - Group Head, Non-Interest Banking, Sterling Bank, Nigeria

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Receiving the award at the 12th edition of the Abuja Housing Awards in the Federal Capital Territory (FCT), Abuja recently, Sterling Bank's Non-Interest Banking (NIB) Group Head, Mr. Basheer Oshodi said, the Bank was delighted at the recognition of the innovative efforts of the NIB group in the housing sector.
Oshodi said the model of engagement created by the NIB group enhanced the ability of many Nigerians to own houses under a flexible mode of payment, adding that the NIB group has done so much in making affordable housing available to Nigerians. According to him, customers who express interest in the home ownership model are made to contribute between 20 and 30 per cent equity over the construction period of 18 months after which the facility is booked for future ownership. He added that rentals in the scheme are less than what would have been paid in a conventional banking arrangement."We have developed an innovative method of home ownership for Sterling Bank customers. The model gives an opportunity to the buyer to own a house without the stress of bulk payment. Where the house is already built, a prospective home owner simply makes equity contribution and is booked for future ownership. Even if there is no house on the ground and the customer signifies an intention to access a mortgage, the next step will be to start contributing equity," Oshodi said. He explained that once off-takers are identified and profiled, current accounts are opened for them so that they can start saving towards meeting their equity quotient while the deposits serve as a liability to the bank. He said since the rules do not allow NIB to invest in treasury bills or interest bearing securities, the deposits are normally used to buy off-plans from developers through a lease structure. Oshodi disclosed that Sterling Bank also won "The European-Islamic Bank of the year Africa in 2016" award in London recently at an Awards ceremony organised by a United Kingdom-based magazine, The European.

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Dr. Basheer Oshodi
Group Head, Non-Interest Banking (Islamic Banking), Sterling Bank, Nigeria

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