AG Mortgage Bank Plc (AGMB) has announced the activation of its new five-year transformational plan (2025–2030), designed to reposition the institution as Nigeria’s leading housing finance group by 2030 and significantly close the nation’s housing financing gap.

The strategic blueprint, built around five pillars—organisational transformation, sustainable capital base, growth, impact and enhanced shareholder value—aims to expand mortgage access and strengthen the country’s real estate financing framework.

Speaking on the new direction, the Managing Director/CEO of AG Mortgage Bank, Ngozi Anyogu, said the institution is committed to reducing the financial burden faced by Nigerians seeking homeownership.

“As CEO, I am convinced that Nigerians desiring to own homes are making far too many financial trade-offs to achieve their dream. As a leader in affordable mortgage delivery, AGMB must drive a radical performance transformation that benefits consumers,” she said.

Anyogu explained that the bank’s growth strategy, as a national mortgage bank (NMB), includes a bold target of originating one million mortgages by 2030. According to her, this milestone will help create value for investors, expand opportunities for customers, and contribute to reducing Nigeria’s estimated 20 million housing deficit.

She added that the plan focuses on increasing the volume of housing finance while building a more resilient, efficient and technology-driven mortgage system that supports long-term shared prosperity across the real estate value chain.

AG Mortgage Bank emphasised that achieving this vision will not only improve housing affordability but also stimulate economic activities and job creation across the construction and mortgage sectors.

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They believe Nigeria’s housing finance laws are outdated and can’t keep up with the country’s needs. As evidence, they point to successful reforms in other sectors, such as pensions and telecommunications. These industries were once struggling, but with the right changes, they’ve attracted investment, created jobs, and grown rapidly. Experts now want the same for the housing sector.

Ayo Olowookere, who leads Imperial Homes Mortgage Bank, highlighted the problem. He noted that the National Housing Fund (NHF) law was introduced in 1992. Yet, decades later, it has only gathered about half a trillion naira. In contrast, the pension industry—reformed years later now manages over N24 trillion for 16 million contributors. This, he says, shows how powerful reforms can be when done right.

The housing market is in bad shape. Whether buying or renting, many Nigerians simply can’t afford proper shelter. As a result, millions are pushed into overcrowded slums or unsafe informal settlements. Pastor Matthew Ashimolowo of Kingsway International Christian Centre added to the concern, citing a World Bank report. He said Nigeria needs 700,000 new homes each year to meet demand, but currently builds less than 100,000.

Meanwhile, the population is exploding. With Nigeria projected to hit over 400 million people by 2050, cities like Lagos and Abuja are already struggling to cope with demand. Housing is becoming more expensive, and the dream of homeownership keeps slipping away for the average person.

At the heart of the problem is money or the lack of it. Olowookere explained that mortgage banks don’t have access to long-term, low-interest loans. These are the kind of funds needed for affordable mortgage products. Instead, banks compete in the same market as everyone else, driving up interest rates and making housing loans unaffordable for most people.

Because of this, mortgage banks are forced to improvise. They patch together loans from short-term funds, which don’t fit the nature of long-term housing finance. This not only slows down homeownership but also deepens poverty and widens inequality.

Experts agree: the system must change. They want the government to step in, provide funding support, and lead the charge for real reform. Housing, they say, should not just be a privilege for the rich. It’s a basic right and a national emergency that can’t be ignored any longer.

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The Mortgage Banking Association of Nigeria (MBAN) emphasized collaboration among stakeholders to enhance the mortgage sector’s growth and economic impact.

MBAN’s newly elected President, Ayo Olowookere, made this call during the Biennial General Meeting in Lagos, where he was elected.

Other elected executives include Arinze Adigwe, Managing Director of Homebase Mortgage Bank, as Vice President, alongside Deputy President (East), Ime Okon.

Additional executives include Abbey Mortgage Bank’s Managing Director, Bolaji Adewunmi, LivingTrust Mortgage Bank’s Managing Director, Olumide Adedeji, and Legal Adviser, Joan Adenuga.

Immediate past President, Mac-Yoroki, Managing Director of Citycode Mortgage Bank, was also appointed as an Ex-officio member in the association.

Before Imperial Homes, Olowookere led LivingTrust Mortgage Bank, started his career at KPMG, and transitioned into mortgage banking financial services.

He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of Harvard Business School.

Olowookere pledged to revitalize the sector by strengthening advocacy, engaging mortgage banks, and enhancing collaboration with industry brokerage firms.

He assured members that MBAN will undergo restructuring to improve efficiency, encourage inclusivity, and create a more unified association.

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