AG Mortgage Bank, a Nigerian Primary Mortgage institution, announced the completion of the first tranche of its N2 billion Tier Two Capital issuance. The institution finalized this achievement through its Special Purpose Vehicle – AG Funding SPV Limited.
Managing Director, Ngozi Anyogu, highlighted that the capital raise significantly boosts AG Mortgage Bank’s capacity as a primary mortgage institution. This initiative aims to sustainably provide mortgage loans and construction financing for various real estate projects, thus ensuring enhanced services and support for clients.
Ahmed Lawal, Group Managing Director/CEO at WealthBridge Group, expressed satisfaction in supporting AG Mortgage Bank’s mission to offer superior services and asset creation through innovative approaches. Previously, the company served the bank as an Arranger for a Note Issuance of N1.5 billion, specifically targeting the construction of 108 housing units in Enugu. The successful redemption of these notes and full repayment to investors has fostered optimism for this recent capital issuance.
The completion of this Note issuance is anticipated to bolster AG Mortgage Bank’s existing business lines and equip the institution to navigate economic uncertainties or potential business challenges effectively.
This move underlines AG Mortgage Bank’s commitment to fortify its position in the mortgage lending and real estate construction financing sector, enhancing its capacity to serve its clients and the Nigerian real estate market
