AG Mortgage Bank Strengthens Capital, Expands Access Amid Economic Challenges

AG Mortgage Bank PLC is intensifying efforts to strengthen its capital base and broaden mortgage access in Nigeria, despite ongoing economic challenges such as inflation and currency fluctuations. The bank announced plans to increase its equity capital to 10 billion naira and is partnering on initiatives to expand affordable homeownership opportunities to Nigerians, to support the nation’s housing sector amid a challenging financial landscape.

The mortgage bank commemorated 20 years of service in Nigeria’s mortgage sector with a significant event held on Friday, September 26, 2025, in Abuja.

The occasion brought together the bank’s board of directors, key stakeholders, and partners who reflected on the institution’s journey and plans amid a challenging economic landscape.

Founded in 2004 with the vision of providing accessible, responsible mortgage lending, AG Mortgage Bank PLC has established itself as a key player in the affordable housing market. Chairman Rev. Dr Abel Amadi highlighted the bank’s growth into a leading force dedicated to making homeownership achievable for Nigerians. He acknowledged the hurdles posed by persistent economic difficulties, including currency devaluation, inflation, and policy shifts such as subsidy removals, which continue to impact the banking and housing sectors.The bank’s active role in the Ministry of Finance Incorporated Real Estate Investment Fund (M-REIF) was a notable achievement presented during the event. The bank has successfully disbursed over 2.8 billion naira to 97 applicants under the scheme—demonstrating its commitment to expanding affordable mortgage access.

Amadi also addressed the bank’s financial health, stating efforts are underway to strengthen the balance sheet and increase equity capital to N10 billion through a rights issue. However, dividend payments remain withheld due to concerns about current capital impairment.

The managing director and chief executive officer, Ngozi Anyogu, emphasised the bank’s continuous dedication to innovation and strategic growth despite the prevailing economic headwinds. He highlighted the institution’s core values in the AGITRIP (Accountability, Godliness, Integrity, Teamwork, Respect, Innovation, and Professionalism). He underscored the importance of good corporate governance and transparency in maintaining public trust.

Anyogu revealed that AG Mortgage Bank PLC is working closely with Invest Africa to create 300,000 mortgage opportunities within the next six years, with eventual plans to scale up to one million customers. This ambitious target addresses Nigeria’s significant housing deficit through increased mortgage availability.

The bank also prioritises Environmental, Social, and Governance (ESG) standards in its operations, demonstrating a commitment to promoting sustainable housing solutions. Planned product innovations aim to address market needs while prudently expanding inclusive home financing access.

Community empowerment remains a central focus for the bank. Their initiative, Empowering Society Through Women (ES-TIW), targets reaching 500,000 women nationwide with programs that promote financial literacy, healthcare access, and economic empowerment—further enhancing social impact beyond mortgage lending.

The anniversary event concluded with an awards ceremony honouring individuals and organisations contributing significantly to the bank’s journey. Awardees included legal professionals, real estate experts, board members, and partner firms recognised for their pioneering leadership and sustained collaboration.AG Mortgage Bank PLC’s 20-year milestone showcases a blend of resilience, strategic partnerships, and social responsibility, positioning the institution as a trusted leader committed to driving Nigeria’s affordable housing sector forward through innovative mortgage financing.