Mortgage Bank partners FITC in providing housing solutions
FITC has announced plans to support AG Mortgage Bank Plc in their organizational transformation journey, in an effort to further strengthen the organization’s capacity to deliver on their strategic plan to re-engineer the bank towards dynamism, innovation, market leadership and sustainable growth. This announcement was made known during the signing of the Memorandum of Understanding […]
FITC has announced plans to support AG Mortgage Bank Plc in their organizational transformation journey, in an effort to further strengthen the organization’s capacity to deliver on their strategic plan to re-engineer the bank towards dynamism, innovation, market leadership and sustainable growth.
This announcement was made known during the signing of the Memorandum of Understanding (MoU) which was held at the Mortgage Bank’s office in Ikeja, Lagos.
Speaking at the event, the MD/CEO AG Mortgage Bank, Mr. Ngozi Onyemuwa Anyogu noted that AG Mortgage Bank Plc, the Nigerian premium primary mortgage institution, was established with the sole aim of providing premium mortgage solutions to the society at large, and the Board of the Bank 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.
The Mortgage sector has witnessed a significant shift since the 2008 Global Financial Crisis which was mainly driven by the market turmoil from the securitization of sub-prime mortgages. In Nigeria, 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). However, the ever-evolving middle class in Nigeria and its appetite for home ownership keeps the sub sector highly relevant.
Shedding more light on the project, Anyogu stated that, the bank is approved by the Central Bank of Nigeria and accredited by the Federal Mortgage Bank as a window 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.