AG Mortgage Bank Plc has introduced a new pathway to support home ownership for Nigerians living abroad through its Diaspora Home Ownership Scheme. The initiative is designed to make it easier for diasporans to acquire homes in Nigeria, offering them a structured process that supports long-term investment goals.
In a statement on Tuesday, the MD/CEO of AG Mortgage Bank Plc, Mr Ngozi Anyogu, highlighted the relevance of the programme by noting the large Nigerian presence abroad. He 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.”
Anyogu explained that the financial contribution of the diaspora remains huge and goes beyond remittances. According to him, “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’s next? To help diasporians maximise return on their remittances on a sustainable basis, the bank has designed targeted products to meet these needs.”
He stated that the main goal is to support lower and middle-income families in owning affordable and livable homes in their preferred Nigerian cities, regardless of where they live abroad. He also noted that AG Mortgage Bank Plc was structured from inception as a faith-based institution to meet the needs of its diverse stakeholders, customers, communities, regulators, employees, and shareholders.
The bank, which is licensed by the Central Bank of Nigeria (CBN), began operations in January 2005 with Assemblies of God Nigeria as its core investor. Anyogu added that the AGMB Diaspora offerings form part of its ESG programme. He said the services were created to empower Nigerians abroad to invest in their home country, promoting development in local communities, supporting first-time buyers, and improving access to mortgages for underserved markets.
He emphasised the bank’s dedication to contributing positively to the national economy through Environmental, Social, and Governance initiatives. These include backing eco-friendly real estate projects, environmental sustainability efforts, and supporting community programmes in health, education, and financial inclusion.
AG Mortgage Bank Plc was incorporated in July 2004 and has grown to become one of Nigeria’s largest primary mortgage banks, with total assets rising to ₦22.1 billion and a 92 per cent increase in profit after tax in 2023 under its current leadership.
