AG Mortgage Bank has announced plans to partner with FITC in a bid to meet its organizational transformation goals, increase its capacity to deliver on its strategy plan to re-engineer the bank toward dynamism, innovation, market leadership, and sustainable growth.
This was announced during the signing of the Memorandum of Understanding (MoU) at the Mortgage Bank’s office in Ikeja, Lagos.
Speaking at the event, Mr. Ngozi Onyemuwa Anyogu, MD/CEO of AG Mortgage Bank, stated that AG Mortgage Bank Plc, the Nigerian premium primary mortgage institution, was established with the sole purpose of providing premium mortgage solutions to the society at large, and that the Bank’s Board of Directors 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.
Since the 2008 Global Financial Crisis, the mortgage industry has undergone significant changes, owing primarily to market turmoil caused by the securitization of subprime mortgages. Despite policy reforms such as the establishment of the Nigerian Mortgage Refinancing Company, the sector in Nigeria continues to suffer from extremely high interest rates and a lack of active primary, secondary, and tertiary markets for products (NMRC). However, Nigeria’s ever-changing middle class and its desire for home ownership keep the sub sector relevant.
Anyogu added that the bank has been approved by the Central Bank of Nigeria and is accredited by the Federal Mortgage Bank as a channel through which customers can access the National Housing Fund.
“However, during this period, there had been developments in the operating environment, which created new opportunities and challenges to the institution. There is therefore the need to broaden the focus of the company’s operations in order to consolidate its standing in the mortgage finance industry, and to do this effectively, we recognize that there must be some strategic organizational and product audit. Therefore, we have turned to FITC, a company with the heritage, pedigree, and proficiency to handle this project and we are confident that they will deliver excellently” Anyogu stated.
On her part, the MD/CEO, FITC, Ms. Chizor Malize, noted “As AGMB journeys into its 20 years of operation, led by its visionary and transformational leader, MD/CEO, Ngozi Anyogu, its vision is to transform into a clear market leader. FITC, the world-class, innovation led, and technology driven knowledge institution, and primary partner to the Nigerian financial services sector, offering top notch and cutting-edge knowledge solutions through our capacity development and Advisory interventions, is the obvious partner of choice, and best poised to catalyze that vision to take AGMB to the next level’’.
Speaking further, Malize noted that FITC, having recently undergone organizational transformation, shall be applying their game changing formula; the 6Ps (Programme, Platform, People, Process, Performance and Positioning) in redesigning and re-engineering AGMB towards dynamism, innovation, and longevity.
The FITC/AG Mortgage Bank project will cover Organizational Restructuring including Board Assessment and Governance Evaluation gap analysis & benchmarking, Organizational Audit and Design, including People, Structure and Performance, as well as product, Channel Audit and Design.