Nigeria: AGMB Unveils Expansion Strategy, Woos Investors

14 December 2020

Abuja — A primary mortgage bank (PMB), AG Mortgage Bank Plc (AGMB) has unveiled an expansion strategy, urging investors to exploit its attractive return on investment.

AGMB, one of the top ten players in the nation's mortgage sector had in May 2015, changed its name from AG Homes Savings & Loans Plc to AG Mortgage Bank Plc.

The bank's shares are now listed on NASD Plc, a securities exchange registered by the Securities & Exchange Commission (SEC) to perform the functions of an over-the- counter (OTC) market in the securities of unquoted public companies.

Speaking at a 'Meet-and-Greet' forum with investors, land owners, developers and contractors, real estate players, corporate organisations, individuals and cooperative societies recently in Abuja, the Managing Director of AGMB Plc, Mr. Ngozi Anyogu urged investors to avail themselves of the shares of the company directly or from the secondary market.

Describing AGMB Plc as a financial institution of note duly licensed by the Central Bank of Nigeria (CBN) as a National Mortgage Bank to undertake mortgage banking and related services nationwide, he stated that it currently operates through a number of retail outlets grouped under three regional offices in Lagos (West), Enugu (East) and Abuja (North)

Listing some of its product offerings, Anyogu said AGMB is into residential and commercial mortgage as well as construction finance, among others, stressing that investment or partnership with the bank is attested to be highly rewarding.

Anyogu, who reeled off the bank's achievements in the past 15 years of operations, noted that its Capital Adequacy Ratio (CAR) of over 24 per cent was in excess of the 10 per cent prescribed by the CBN.

Inviting investors and depositors to exploit AGMB'S track record of performance, he recalled that the bank which is today among the first three in the country started in 2005 with a seed capital of N200 million from Assemblies of God ministers.

Anyogu disclosed that so far, it had undertaken mortgage finance worth over N1 billion, executed in 133 construction financing worth over N2.3 billion as well as 599 National Housing Fund (NHF) worth N5 billion.

Noting that AGMB's business goals and objectives include making mortgages affordable to medium income earners and first time home buyers, he stated that its vision statement was to consistently create value to stakeholders by providing excellent services through creative and caring employees using appropriate technology application in a first class ambience.

The AGMB CEO listed some deposit types in the bank as high-end, short term and long term deposits as well as corporate accounts and savings.

Anyogu said AGMB improves the quality of loan portfolio by maintaining what he described as "match your loan rates to top quality borrowers."

On his projection for the bank in the next five years, Anyogu said he expects it, 'to be the leading mortgage bank in Nigeria and Africa."

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