Kayode Tokede
AG Mortgage Bank Plc has announced the successful completion of the first tranche of N1 billion of its N2billion Tier 2 Capital issuance through a Special Purpose Vehicle -AG Funding SPV Limited.
AG Mortgage Bank provides 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.
According to the Managing Director, AG Mortgage Bank , Mr. Ngozi Anyogu, “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 Group Managing Director/Chief Executive Officer at WealthBridge Group, Mr. Ahmed Lawal stated, “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 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.
“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. There are several noteworthy and innovative developments in the Mortgage banking/real estate industry in Nigeria, and we see great potential. In light of these opportunities, WealthBridge is committed to the growth of the industry”
