AG Mortgage Bank creates home ownership pathway for 17m Nigerians in diaspora

AG Mortgage Bank Plc (AGMB) has created an accessible pathway to home ownership for Diaspora Nigerians.

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.

Commenting on this, Ngozi Anyogu, MD/CEO, AG Mortgage Bank Plc 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.

He said the AG Mortgage Bank Plc’s Diaspora Home Ownership Scheme is making it possible for Diasporians to own homes in Nigeria.

AG Mortgage Bank Plc is rated by Augusto & Co. and BBB by Data Pro Rating Agencies.

“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?”, Anyogu said.

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

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,” Anyogu said.

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 two hundred years of collective experience in corporate governance across sectors and professionals, covering real estate, finance, manufacturing, law, and advisory in local and Multinational Institutions.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos.
Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).