AG Mortgage Bank Unveils Diaspora Home Ownership Scheme

Nume Ekeghe

AG Mortgage Bank Plc has unveiled a more accessible pathway to home ownership for Nigerians in the Diaspora, offering a seamless and reliable route  through its Diaspora Home Ownership Scheme.

Commenting on this, Managing Director/CEO, AG Mortgage Bank Plc, Mr Ngozi O. Anyogu, said:“Over 17 million Nigerians live abroad, these Nigerians, motivated by cultural ties and long-term investment goals, represent a significant part of the underserved market in the real estate space in Nigeria.

“The Nigerian Diaspora population significantly contributes to the Nigerian economy through its huge home remittances ($19.550 million the highest in Africa in 2023). But beyond money remittances, what next?,” he said.

“To help Diasporas maximize return on their remittances on a sustainable basis, the bank had designed targeted products to meet these needs,” he added.

The objective is to help lower and medium families own affordable and livable homes in their cities of choice in Nigeria irrespective of their country of residence. The bank was structured from inception as a faith-based to meet the needs of its diverse stakeholders, customers, communities, regulators, employees, and shareholders.

AG Mortgage Bank is a CBN Licensed mortgage bank with National accreditation. The bank commenced business in January 2005 with the Assemblies of God Nigeria as a core investor.

“AGMB Diaspora service offerings are a deliberate extension of the Banks ESG Programme by empowering Nigerians in the Diaspora to invest in the home country to support development in local communities, enhancing home ownership across demographics and particularly to first-time home buyers, providing mortgages to underserved markets to enhance homeownership rate and strengthening community ties,” Mr Anyogu said.

According to him, AG Mortgage Bank is committed to positively impacting the Nigerian economy through its Environmental, Social, and Governance (ESG) projects, covering support for eco-friendly real estate development projects, environmental sustainability schemes, and community support programmes in health, education, and financial inclusion.

The bank’s directors possess over 200 years of collective experience in corporate governance across sectors and professionals, covering real estate, finance, manufacturing, law, and advisory in local and Multinational Institutions.