Primary mortgage Banks are financial institutions that provide secured loans to clients purchasing real estate. There are thirty-five (35) primary mortgage Bank in Nigeria (2020). The Central Bank of Nigeria is responsible for the supervision and monitoring of activities of primary mortgage banks.
Functions of Primary Mortgage Banks
- They source for new customers as their daily routine.
- They run deposit accounts and monitor current accounts.
- They originate new loans and servicing of loans.
- They provide long term credit facilities to borrower/mortgage institutions.
- They are also responsible for collection and administration of National Housing Fund in accordance with the provisions of NHF Act.
- They are responsible for any transactions seems appropriate in order to carry out their functions according to FMBN Act.
List of primary mortgage Bank in Nigeria.
The under-listed are the register and licensed mortgage banks in Nigeria (2020) according to Central Bank of Nigeria.
| 1 | ABBEY BUILDING SOCIETY LIMITED |
| 2 | AG HOMES SAVINGS & LOANS LIMITED |
| 3 | AKWA SAVINGS & LOANS LIMITED |
| 4 | ASO SAVING & LOANS PLC |
| 5 | Brent Mortgage Bank |
| 6 | CENTAGE SAVINGS & LOANS LIMITED |
| 7 | CITY CODE SAVINGS & LOANS LIMITED |
| 8 | COOP SAVING & LOANS LIMITED |
| 9 | DELTA BUILDING SOCIETY LTD |
| 10 | FBN MORTGAGES LIMITED |
| 11 | FHA HOMES SAVINGS & LOANS LTD. |
| 12 | FIRST GENERATION HOMES (SAVINGS & LOANS) LIMITED |
| 13 | GATEWAY SAVINGS & LOANS LIMITED |
| 14 | GLOBAL TRUST SAVINGS & LOANS LTD. |
| 15 | HAGGAI SAVINGS AND LOANS LIMITED |
| 16 | HOMEBASE MORTGAGE LIMITED |
| 17 | Imperial Homes Mortgage Bank Limited |
| 18 | INFINITY TRUST MORTGAGE BANK PLC |
| 19 | JIGAWA SAVINGS & LOANS LIMITED |
| 20 | JUBILEE-LIFE SAVINGS & LOANS LIMITED |
| 21 | KEBBI STATE HOME SAVINGS & LOANS LTD. |
| 22 | LAGOS BUILDING & INVESTMENT COMPANY LIMITED |
| 23 | MAYFRESH SAVINGS & LOANS LIMITED |
| 24 | MGSL Mortgage Bank |
| 25 | MUTUAL ALLIANCE SAVING & LOANS LIMITED |
| 26 | NEW PRUDENTIAL BUILDING SOCIETY LIMITED |
| 27 | Nigeria Police Mortgage Bank |
| 28 | OMOLUABI SAVINGS & LOANS |
| 29 | PLATINUM SAVINGS & LOANS LIMITED |
| 30 | REFUGE HOME SAVINGS & LOANS LIMITED |
| 31 | RESORT SAVINGS & LOANS PLC |
| 32 | SAFE TRUST SAVINGS & LOANS LIMITED |
| 33 | STB BUILDING SOCIETY LIMITED |
| 34 | TrustBond Mortgage Bank Plc |
| 35 | UNITED MORTGAGE LIMITED |
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Primary Mortgage Bank in Nigeria (2020)
There are eighteen (18) primary mortgage Banks in Lagos.
| 1 | ABBEY BUILDING SOCIETY LIMITED |
| 2 | AG HOMES SAVINGS & LOANS LIMITED |
| 3 | Brent Mortgage Bank |
| 4 | CENTAGE SAVINGS & LOANS LIMITED |
| 5 | CITY CODE SAVINGS & LOANS LIMITED |
| 6 | FBN MORTGAGES LIMITED |
| 7 | GLOBAL TRUST SAVINGS & LOANS LTD. |
| 8 | HAGGAI SAVINGS AND LOANS LIMITED |
| 9 | HOMEBASE MORTGAGE LIMITED |
| 10 | Imperial Homes Mortgage Bank Limited |
| 11 | JUBILEE-LIFE SAVINGS & LOANS LIMITED |
| 12 | LAGOS BUILDING & INVESTMENT COMPANY LIMITED |
| 13 | NEW PRUDENTIAL BUILDING SOCIETY LIMITED |
| 14 | REFUGE HOME SAVINGS & LOANS LIMITED |
| 15 | RESORT SAVINGS & LOANS PLC |
| 16 | STB BUILDING SOCIETY LIMITED |
| 17 | TrustBond Mortgage Bank Plc |
| 18 | UNITED MORTGAGE LIMITED |
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List of Primary Mortgage Banks in Abuja
| 1 | ASO SAVING & LOANS PLC |
| 2 | FIRST GENERATION HOMES (SAVINGS & LOANS) LIMITED |
| 3 | FHA HOMES SAVINGS & LOANS LTD. |
| 4 | INFINITY TRUST MORTGAGE BANK PLC |
| 5 | MGSL Mortgage Bank |
| 6 | Nigeria Police Mortgage Bank |
| 7 | PLATINUM SAVINGS & LOANS LIMITED |
| 8 | TrustBond Mortgage Bank Plc |
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Let’s look briefly at some of this primary mortgage banks in Nigeria.
1. ABBEY BUILDING SOCIETY LIMITED
Abbey Building Society Limited is also called Abbey mortgage Bank PLC. They are the first primary mortgage bank in Nigeria. It is also important to note that Abbey Mortgage Bank is the largest mortgage Bank in Nigeria.
Abbey Building society Limited is granted national authorization with 10 branches nationwide in three (3) geopolitical zones.
Website: www.abbeymortgagebank.com
Head Office: 23 Karimu Kotun Street, Victoria Island, Lagos.
E-mail: info@abbeymortgagebank.com
2. AG HOMES SAVINGS & LOANS LIMITED
AG Homes Savings & Loans Limited also known as AG Mortgage Bank Plc. They have over 5,000 shareholders.
AG Mortgage Bank Plc is a national mortgage banking licence by Central Bank of Nigeria.
website: https://www.agmortgagebankplc.com/
Head office Address: 96 Opebi road, Ikeja,Lagos State – Nigeria.
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3. ASO SAVING & LOANS PLC
Aso savings & loans PLC is one of the famous mortgage bank in Nigeria. The government owned 16% of the equity with 3,000 shareholders.
Head office Address: Plot 266, FMBN Building, Cadastral Zone A0, Central Business District, Abuja.
Website: https://www.asoplc.com/
4. Brent Mortgage Bank
Brent Mortgage Bank was formerly known as skyfield savings and loan limited.
The bank used the best benchmark of petroleum to named the company as they yarn to be the best mortgage ban in Nigeria.
Office Address: 192A, Jike Oki street, off Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria.
Website: www.brentng.com
5. PLATINUM SAVINGS & LOANS LIMITED
Platinum savings and loans limited is another national licensed mortgage doing tremendously well in personal loan, mortgage financing and business banking.
Head Office Address: 61, Yakubu Gowon Crescent, Asokoro Abuja.
Website: https://www.pmbl-ng.com/
Adeyinka is the founder and content creator at Career Acada. He’s a technology expert and web developer. He holds a degree in Genetics and loves impacting life for a better society.
