SPOTLIGHT – THE AG MORTGAGE BANK PLC STORY
AG Homes Savings & Loans Plc now in the process of being renamed AG MORTGAGE BANK PLC after the recommendation by the Shareholders in the last Annual General Meeting is a Public Limited Liability Company, with majority equity ownership of the Assemblies of God Nigeria and it’s Institutions. Other individual and private interests account for 39.20% of the Bank’s share holding. The Bank celebrated its 10years of existence in January this year. This might well be a good platform to pay tribute to its founding fathers under the visionary leadership of Rev.(DR) Charles Osueke who also served as it’s pioneer Chairman.
Before now there is about 104 mortgages PMB (Primary Mortgage Bank) but with recent re-capitalization by the Central Bank of Nigeria, they were punched down to about 40, out of which only 20 are active today and AG Homes is one of them. By the grace of God, over the years AG Homes experienced great development from being a very small company few years ago to having 5 branches nationwide and many more still coming. It has also grown from Primary Mortgage Institution (PMI) to a mortgage bank and the growth is noticeable because God raised professionals who harnessed resources to raise the company to what it is today.