AG Mortgage Marks 20th Anniversary, Eyes N10bn Fresh Capital

Nume Ekeghe

AG Mortgage Bank Plc (AGMB) has highlighted its resilience and steady growth over the past two decades, using its 20th anniversary product exhibition as a platform to signal a new phase of expansion anchored on a planned N10 billion capital injection.

Speaking at the event, the Chief Executive Officer of AGMB, Ngozi Anyogu, said the anniversary exhibition reflected the bank’s evolution into a more innovative and resilient mortgage institution, despite operating in a challenging macroeconomic environment. He noted that the planned capital raise is aimed at scaling up operations, strengthening the bank’s balance sheet, and deepening its contribution to Nigeria’s housing finance ecosystem.

According to him, the fresh capital would enable AGMB to expand its product offerings, improve service delivery, and support broader access to mortgage finance, in line with the bank’s long-term growth strategy.

He said: “In September 2025, we proudly celebrated our 20th anniversary two decades marked by unwavering dedication, impactful innovation, and transformative service to millions of Nigerians.”

He further noted that the 20th anniversary held in Abuja highlighted the bank’s evolution into a trusted institution that not only provides innovative mortgage products but also plays a vital role in driving economic growth and sustainable housing solutions in Nigeria.

In 2024 financial year, the bank’s gross earnings rose by seven per cent to N3.47 billion, while total assets expanded to N22.36 billion, up from N21.1 billion in 2023. Also, shareholders’ funds grew by eight per cent to N6.1 billion within the same period.

“From our inception, driven by a bold vision, AG Mortgage Bank Plc has evolved into a trusted institution synonymous with tailored financial solutions that meet the dynamic needs of individuals, businesses, and entire communities,” Anyogu added.

The event also highlighted major emphasis on corporate values such as Accountability, Godliness, Integrity, Teamwork, Respect, Innovation, and Professionalism (AGITRIP); recognition of AGMB as a pillar of hope and a catalyst for change in the Nigerian mortgage sector; partnering with Invest Africa to expand reach and impact in housing finance, among others.

Key highlights of the 20th anniversary include: celebrating two decades of growth from one branch in 2005 to five branches and a capital growth from N200 million to N23 billion; financing over 20,000 homes in Nigeria, helping to address the housing deficit; commitment to Project Momentum 2025-2030, including goals to create 300,000 mortgages, grow the customer base to one million, raise capital to N20 billion, and lead green sustainable housing efforts.

“Our recent landmark product exhibition unveiled a suite of innovative offerings—ranging from treasury products designed for institutional investors, to Sustainability products supporting Nigeria’s green development aspirations, and digital-first E-Business solutions empowering SMEs and entrepreneurs.

“As we advance in 2025, we are firmly anchored by Project Momentum 2025-2030. This bold strategic blueprint guides our transformation into a diversified Group Structure encompasses mortgage finance, housing microfinance, development, insurance, brokerage, and rental housing services. Among our ambitious goals are increasing shareholder value with a 20 percent return on equity, leading green sustainable housing initiatives, and significantly growing our customer base and loan portfolio,” the CEO further noted.