{
  "id": 10382090,
  "title": "Nigeria’s AG Mortgage Bank Lifts Assets 48% as Profit More Than Doubles",
  "url": "https://urgent.news/2026/09/28/nigerias-ag-mortgage-bank-lifts-assets-48-as-profit-more-than-doubles",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-28T06:06:00.000Z",
  "source": {
    "name": "The Rio Times",
    "slug": "the-rio-times",
    "url": "https://www.riotimesonline.com/ag-mortgage-bank-assets-surge-48-percent-2026/"
  },
  "original_language": "en",
  "account": "Nigeria's AG Mortgage Bank reported a 48% increase in assets to N33.04 billion (approximately US$24.9 million) in 2025, more than doubling its profits to N1.06 billion (about US$0.8 million). The growth was primarily driven by lending, with loans and advances rising 44% to N22.71 billion (around US$17.1 million). However, the bank's reliance on government refinancing money, such as a N7.83 billion (about US$5.9 million) facility under MREIF, and access to Federal Mortgage Bank of Nigeria funding, became more significant as customer deposits grew only 14% to N9.48 billion (around US$7.1 million). Profit after tax increased 130% while profit before tax rose 89%. The bank's Chairman acknowledged the impact of inflation, high interest rates, and exchange-rate volatility despite the strong results. The bank's strategy aligns with Project Momentum 2030, aiming to address Nigeria's housing shortage by providing long-term, cheaper financing through government schemes like MREIF and the National Housing Fund.",
  "summary": "Nigeria's AG Mortgage Bank grew assets 48% in 2025 and more than doubled profit, leaning on government refinancing money rather than deposits to fund new home loans. The post Nigeria’s AG Mortgage Bank Lifts Assets 48% as Profit More Than Doubles appeared first on The Rio Times .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}