• Sunday, June 23, 2024
businessday logo

BusinessDay

AG Mortgage Bank: Offering best in class mortgage solutions

20240517_145327_0000

For AG Mortgage Bank Plc, its purpose of existence is simple, which is to offer best-in-class mortgage solutions. The company which is here to birth that big aspiration you have to a place you can call yours not only gives you matchless mortgage solutions to build your estates, offices, and homes but also provides a variety of financial services to meet your needs.

“We have a collection of attractive products that are tailor-made for your kind of lifestyle and business,” said Ngozi Anyogu, Managing Director/Chief Executive Officer, AG Mortgage Bank Plc.

Anyogu, who re-emphasised the bank’s vision to be the leading provider of mortgage solutions in Nigeria said their mission is to offer best-in-class mortgage solutions to Nigerian consumers that enable them to own affordable and liveable homes through the bank’s network of partners and its competent and motivated team.

“Accountability, Godliness, Integrity, Teamwork, Respect, Innovation, Professionalism (AGITRIP),” he said are the core values of AG Mortgage Bank Plc which has product collections that cut across mortgage, savings, investment, and micro-investment.

How AG Mortgage Bank Plc emerged

AG Mortgage Bank Plc was incorporated on July 21, 2004, to carry on business as a Primary Mortgage Institution (PMI). It was granted a mortgage banking licence by the Central Bank of Nigeria (CBN) in December 2004 and commenced full operations by January 31, 2005.

The company has since its inception developed innovative products that have received the approval of the Central Bank of Nigeria. In addition, the company has been approved by the Central Bank of Nigeria and accredited by the Federal Mortgage Bank as a window through which customers can access the National Housing Fund.

Share capital/analysis of shareholding

AG Mortgage Bank Plc has 10 billion issued ordinary shares of 50kobo each. The securities are currently traded on the NASD OTC Securities Exchange which provides a secondary market for the listing and trading of the shares of unquoted public securities.

As at December 31, 2023 shareholders that held 5percent or more of the issued shares include: Assemblies of God Ministers Benefit Scheme which hold 5.192 billion units, representing 51.9 percent of the issued shares; Charterhouse Asset Management Plc (2.245billion units which represents 22.5 percent equity holding); AG Nigeria (1.502billion units which represents 15 percent equity holding); while and Others account for 1.059billion units of the bank’s issued shares, representing 11 percent of AG Mortgage Bank Plc equity holding.

Shoring up tier 2 capital for sustainable value creation

Earlier this year, AG Mortgage Bank Plc completed the first tranche of N1 billion only of its N2 billion Tier 2 Capital issuance. This was achieved through its Special Purpose Vehicle -AG Funding SPV Limited.

The bank noted that it provides best-in-class mortgage lending and real estate construction financing services to Nigerians. WealthBridge Capital Partners Limited acted as the Arranger of the transaction.

AG Mortgage Bank Plc through WealthBridge issued the Notes to raise funding to shore the Bank’s tier 2 capital needs and ensure it can sustainably create value for its clients.

“This capital raise has heightened our capacity as a Primary Mortgage Institution. It will also go a long way to ensure that the Bank can run its operations of providing mortgage loans and financing for developers undertaking a myriad of real estate projects,” the bank’s MD/CEO had said earlier this year.

“We have served the bank in an Arranger’s capacity previously on a Note Issuance of N1.5billion to fund the construction of 108 housing units in Enugu in partnership with Enugu State Housing Development Corporation, and AG Mortgage Bank Plc successfully redeemed the Notes with all investors fully repaid,” said Ahmed Lawal, Group Managing Director/Chief Executive Officer at WealthBridge Group.

He noted that “WealthBridge is pleased to support AG Mortgage Bank Plc in its quest to provide superior services and create assets for its clients in innovative ways. “We are positive that this Note issuance will enhance the current base of AG Mortgage Bank’s business lines and assist in absorbing any economic shocks or business uncertainties,” Lawal added.

Promoting high standards of corporate governance

AG Mortgage Bank Plc has remained true to its reputation built within its over nineteen years of mortgage banking practice as an organisation founded on integrity, professionalism and exemplary corporate governance practices. The bank’s strong values remain important in sustaining shareholder value while ensuring that behaviour is ethical, legal and transparent.

AG Mortgage Bank Plc is governed by a framework which in line with the Central Bank of Nigeria code of conduct for the board of directors of banks and financial institutions, ensures that checks and balances are facilitated and that appropriate controls are put in place. The corporate governance principles of AG Mortgage Bank Plc are designed to promote high standards of corporate governance as the bank benchmarks itself against best practices as the Board recognises the importance of best corporate governance principles and its invaluable accountability to its shareholders.

Giving back to the communities in a structured and sustainable manner

AG Mortgage Bank Plc believes that true success lies not only in financial achievements but in making a positive impact on the communities it serves by giving back. The bank’s Corporate Social Responsibility (CSR) initiatives are built around four pivotal pillars: Sport, Education, Health, and Environment.

“We are committed to creating a sustainable and inclusive future. We aim to ‘give back’ in a structured and sustainable manner that ensures the greatest possible impact,” Anyogu said.

He noted that as a responsible financial institution, AG Mortgage Bank Plc recognises the importance of going beyond traditional banking services and actively contributing to the well-being of society. “Our Corporate Social Responsibility (CSR) programme serves as the guiding principle that drives our actions, shapes our relationships and inspires us to make a meaningful difference in the world,” he added.

Through its CSR efforts, AG Mortgage Bank Plc aim to address key social, economic, and environmental challenges, by leveraging its resources, expertise and network to create lasting positive change.

“At AG Mortgage Bank Plc, we are committed to fulfilling our role as a responsible corporate citizen. Our CSR programme reflects our dedication to empowering communities and making a lasting impact. We believe that by integrating social responsibility into our business practices, we can create shared value, contribute to a better world and shape a brighter tomorrow.

“Our commitment to corporate social responsibility extends beyond financial success, we embrace our role as a responsible corporate citizen, striving to make a positive impact on society. Through our collaborative approach, measurement of impact, partnerships, innovation, and ethical practices, we remain dedicated to empowering communities, fostering sustainable development, and creating a better world,” the mortgage bank noted.

“We are committed to seeing our people grow, meet their expectations and invest in the communities where we operate while minimising negative environmental impacts,” they noted.

Still on four pivotal pillars of its CSR

Sport

AG Mortgage Bank Plc strongly believe in the power of sports to promote physical well-being, personal growth and community development. Its commitment to Corporate Social Responsibility extends to the realm of sports and recreational activities. Through its CSR initiatives in sports, AG Mortgage Bank Plc aims to inspire individuals, promote inclusivity and foster a healthier society. AG Mortgage Bank Plc is committed to leveraging sports and recreation as a catalyst for positive change. Its CSR initiatives in sports focus on: Youth development, Access & Inclusivity Sports Infrastructure, and Supporting Sports for Social Causes.

By investing in these areas, AG Mortgage Bank Plc aim to empower individuals, foster community development, and promote a healthier and more inclusive society. The mortgage bank is committed to providing opportunities for young individuals to engage in sports activities, by supporting youth development programmes that use sports as a means to promote character-building, leadership skills, and educational attainment. By investing in the physical and personal development of young athletes, AG Mortgage Bank Plc aims to empower the next generation and nurture their potential. It believes that sports should be accessible to all, regardless of socioeconomic background, gender, or physical ability. Also, AG Mortgage Bank Plc actively supports initiatives that promote inclusivity in sports, ensuring that everyone has an equal opportunity to participate and benefit from physical activities.

“At AG Mortgage Bank Plc, we believe in the transformative power of sports beyond the playing field. Our commitment to corporate social responsibility extends to active support of initiatives that promote community well-being and youth development. Our involvement in sports is driven by our belief in the holistic development of individuals. By encouraging participation in sports, we aim to instil values such as discipline, perseverance, and teamwork which are essential not only in sports but in the workplace and life,” the company said.

“Moreover, our engagement in sports initiatives provides us with opportunities to connect with our customers and stakeholders on a deeper level, reinforcing our brand’s commitment to community engagement and social responsibility. By supporting sports, we strengthen our relationships with the communities we operate in and contribute to building a healthier and vibrant society.

“Football has an unparalleled ability to unite communities and inspire individuals. By sponsoring the Coal City Team, we aim to promote values like teamwork, perseverance and excellence. We see this partnership as an opportunity to showcase the immense talent and passion that exists within our local communities. Our support for the Coal City Team extends beyond financial assistance. Through our partnership, we hope to inspire young athletes to pursue their dreams and realize their full potential,” it further noted.

Education

On education, AG Mortgage Bank recognises the transformative power of education.

“We firmly believe that access to quality education is a fundamental right that empowers individuals, strengthens communities and drives societal progress. As part of our commitment to Corporate Social Responsibility (CSR), we have implemented various initiatives to support education and create opportunities for learners from all backgrounds. We are committed to supporting education as part of our CSR efforts, as education is the key to unlocking a brighter future for individuals and communities.

“We support school educational programs and promote literacy and skills development. By investing in education, AG Mortgage Bank PLC is not only empowering individuals to reach their full potential but also contributing to the overall development of our society. We are proud to play a vital role in shaping the future leaders of tomorrow through our commitment to education,” the bank noted.

“AG Mortgage Bank Plc partnered with the Chris Land Schools on the event of its Inter House Sports, not only as a celebration of athleticism but also as a platform for promoting financial literacy among students. We believe in the power of financial literacy, especially when instilled from a young age. Our partnership with Chris Land Schools is a testament to our belief in the power of education to transform lives,

“Beyond the excitement of sports, we empower children to make informed decisions and build a secure financial future. through interactive sessions and engaging activities which teach them the value of saving money, setting financial goals, and making wise financial choices. By integrating financial education into events like Inter House Sports, we aim to inspire and educate the next generation of leaders who will drive a positive change in our society and also be financially responsible and successful,” the bank said.

Health

AG Mortgage Bank believes that a healthy community is the foundation for progress and prosperity.

“As part of our commitment to Corporate Social Responsibility, we prioritise initiatives that promote health and well-being among individuals and communities. Our efforts are aimed at addressing healthcare challenges, raising awareness, and fostering a culture of wellness.

“We understand that health is not just a personal matter but also a community concern. That is why we have committed to prioritising health as a key component of our CSR efforts. We believe that a healthy community is a prosperous community. Therefore, we have implemented a range of initiatives aimed at promoting health and well-being among our employees, customers, and the communities we serve.

“We provide our employees with access to health screenings, fitness classes, and counselling services to help them lead healthier lives. By investing in the health and well-being of our employees, we not only improve their quality of life but also enhance their productivity and job satisfaction. Furthermore, we are committed to promoting health education and awareness. Through workshops, seminars, and educational materials, empower individuals to take control of their health and make informed decisions about their well-being,” AG Mortgage Bank Plc said.

“As part of our commitment to CSR and community welfare, AG Mortgage Bank Plc donated an artificial leg to Mrs. O, this donation is aimed at making her more independent by enabling her ability to function with little or no help (mobility) and maintain her health.

“We understand the importance of mobility and independence in one’s daily life, and we are honoured to play a part in improving her quality of life. Our donation is a testament to our commitment to supporting individuals and families in need within our community. Health is at the heart of AG Mortgage Bank’s corporate social responsibility efforts. Through our actions and initiatives, we are committed to making a positive impact on the health and well-being of our employees, customers, and communities,” it noted further.

Environment: Sustaining Our Planet for Future Generations

At AG Mortgage Bank Plc, they recognise the urgent need to protect and preserve our environment for the well-being of current and future generations. As part of the company’s commitment to Corporate Social Responsibility, it is dedicated to implementing “sustainable practices and initiatives that minimise our environmental footprint and contribute to a greener future”.

“We firmly believe in the importance of environmental stewardship as a key pillar of our CSR. We are committed to minimizing environmental impact and actively contribute to creating a more sustainable future for our communities and the planet.

“Our environmental initiatives encompass a wide range of practices and programs aimed at reducing waste, conserving resources, and promoting sustainable practices. From implementing energy-efficient measures in our offices to promoting paperless operations, we are continuously seeking ways to reduce our carbon footprint and protect the environment. We are also actively involved in environmental conservation initiatives within our communities, partner with local organizations and participate in community clean-up events, tree-planting drives and other initiatives aimed at preserving and protecting the environment

“Our commitment to environmental responsibility is deeply rooted in our values and reflects our dedication to making a positive impact on the world around us. We believe that by taking concrete steps to protect the environment today, we can create a better tomorrow for generations to come.

We are committed to being a responsible corporate citizen and proud to lead by example in promoting environmental sustainability. Together, we can make a difference and create a healthier and more sustainable future for all,” AG Mortgage Bank Plc further said.