A major primary mortgage institution licensed by the Central Bank of Nigeria, AG Mortgage Bank PLC, has announced that the first tranche of its N2 billion Tier 2 capital issuance has been completed.
According to The PUNCH, this was accomplished through the use of its Special Purpose Vehicle, AG Funding SPV Limited.
The bank statement revealed that it offers best-in-class mortgage loans and real estate construction finance to Nigerians. The transaction was arranged by WealthBridge Capital Partners Limited.
“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 statement.
The Managing Director, Mr Ngozi Anyogu, stated, “This capital raise has increased our capacity as a Primary Mortgage Institution. It would also help to ensure that the Bank can continue to provide mortgage loans and financing to developers working on a variety of real estate projects.”
WealthBridge Group’s Group Managing Director/Chief Executive Officer, 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 previously served the Bank as an Arranger on a N1.5bn Note Issuance to fund the construction of 108 housing units in Enugu in collaboration 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.”
Lawal went on to say that there have been some notable and innovative advancements in Nigeria’s mortgage banking/real estate business, “and we see tremendous potential.”
Wealthbridge is a major financial organization that provides long-term and innovative solutions to specific corporate financial needs in a variety of industries, including real estate, transportation and logistics, agricultural, and energy.
“The firm is led by a group of astute business leaders with extensive experience in both domestic and international financial services.
“Wealthbridge services include “asset management, investment banking, equity research, private equity, and wealth management,” according to the announcement.
