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FITC, AG Mortgage Bank seal pact to reposition for growth

By Helen Oji
18 August 2022   |   2:43 am
A technology-driven knowledge institution, FITC and AG Mortgage Bank Plc have sealed a pact to restructure and reposition the bank for accelerated growth.

AG Mortgage Bank

A technology-driven knowledge institution, FITC and AG Mortgage Bank Plc have sealed a pact to restructure and reposition the bank for accelerated growth.

At the signing of the Memorandum of Understanding (MoU) between both parties recently, Managing Director/Chief Executive Officer of AG Mortgage Bank, Ngozi Anyogu, said the mortgage institution, which was established with the sole aim of providing premium mortgage solutions to the society, had recently approved the 2020-2024 strategic plan, aimed at restructuring and repositioning the bank for accelerated growth, hence the engagement of FITC to handle and oversee the strategic process.

She said there was the need to broaden the focus of the company’s operations to consolidate its standing in the mortgage finance industry.

To do this effectively, she said there must be some strategic organisational and product audit, the reason she sought the support of FITC to handle the project.

She said the mortgage sector has witnessed a significant shift since the 2008 global financial crisis, which was mainly driven by the market turmoil from the securitisation of sub-prime mortgages.

She said the sector continues to reel from very high interest rates and the absence of active primary, secondary and tertiary markets for products, despite the policy reforms implemented including the setting up of the Nigerian Mortgage Refinancing Company, (NMRC).

According to her, the ever-evolving middle class in Nigeria and its appetite for home ownership keeps the sub sector highly relevant.

On her part, the Managing Director/Chief Executive Officer, FITC, Chizor Malize, said the firm, having recently undergone organisational transformation, would apply the six Ps (programme, platform, people, process, performance and positioning) in redesigning and re-engineering AGMB towards dynamism, innovation and longevity.

According to her, “We are indeed excited to be embarking on this new journey with AGMB and to be extending our impact in the Nigerian financial services landscape and across all sub sectors therein.”

On the regulatory outlook, she said: “Regulation continues to evolve, requiring players to be agile, innovative and to play by the rules. Regulations and frameworks encouraging competitive markets are also a motivation to reposition for competitive advantage and outperform competitors.

“Organisations in this space must therefore seek to re-evaluate their structure, and products to ensure that they position strategically for growth and sustainability. AG Mortgage Bank is the foremost and premium bank that has shown such grit, backed with the appropriate actions to ensure they continue to remain the industry leader, and we are delighted to embark on this journey with them.’’