Platinum Mortgage Bank

Platinum Mortgage Bank Limited is a Nigerian Primary Mortgage Bank that provides housing-finance, savings, property, and home-ownership services. The institution was incorporated in 1992 as Platinum Home Investment and Mortgage Limited and was established to provide savings, loans, and mortgage-related services to individuals and organisations seeking to acquire or develop residential property.

The bank was licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria to conduct mortgage-banking activities. It was later recapitalised and restructured, after which the institution adopted the Platinum Mortgage Bank name and expanded its operations. Although some profiles cite 1994 as the founding year, the bank’s own corporate history identifies 1992 as its incorporation date.

Platinum Mortgage Bank’s primary business is residential mortgage origination. It provides mortgage loans to eligible applicants who intend to purchase homes, build properties, complete construction projects, renovate existing buildings, or acquire properties from approved developers and the open market. Its mortgage products are designed to help customers spread the cost of home ownership over an agreed repayment period rather than rely entirely on personal savings.

The bank also provides housing-related savings and deposit products. These include ordinary savings accounts, current-style savings products, fixed deposits, and other accounts that allow customers to accumulate funds for property acquisition and related financial needs. Some accounts are designed to combine savings features with transaction flexibility, enabling customers to save while retaining access to their funds for approved purposes.

In addition to mortgage lending, Platinum offers property-development and estate-related services. The bank has been involved in housing schemes and property projects intended to support home ownership, while its financing solutions may also serve developers, cooperatives, employers, and other organisations involved in housing delivery. Through these activities, the institution participates in both the financial and property sides of Nigeria’s housing market.

Platinum Mortgage Bank holds a national Primary Mortgage Bank licence. It is included in the approved lists of licensed PMBs maintained by relevant Nigerian financial-sector authorities and has been accredited by the Federal Mortgage Bank of Nigeria to participate in the formal housing-finance system.

The bank’s corporate history reflects a transition from a Lagos-based mortgage institution to a broader national business. Following recapitalisation and a change in ownership and management, the Central Bank approved the relocation of its head office to Abuja. The current head office is located at 61 Yakubu Gowon Crescent, Asokoro, Abuja, while older descriptions may still identify Lagos as its headquarters or historical base.

Platinum operates in a Nigerian mortgage market characterised by high property prices, limited long-term funding, low mortgage penetration, land-registration challenges, and a relatively small pool of formally employed borrowers. Within this environment, the bank contributes to the availability of formal home finance by providing mortgage loans, savings products, and property-related services to individuals and institutions.