REFUGE BANK was incorporated in 1992 as a Private Limited Liability Company and licensed by the Central Bank of Nigeria to carry on Mortgage Banking activities. The bank commenced operations in 1993. It is registered with the Federal Mortgage Bank of Nigeria Limited as an accredited vehicle for the disbursement of the National Housing Funds. In 2005, it was acquired by a new core investor who injected fresh capital into the bank. The bank is well capitalized beyond the mandatory level of the CBN.