New Prudential Mortgage Bank Limited is a Primary Mortgage Bank (PMB) licensed by the Central Bank of Nigeria (CBN) in February, 1992 and commenced business fully in the same year. New Prudential was originally incorporated with the Corporate Affairs Commission (CAC) with the Name “New Prudential Mortgage Finance Limited” with RC No 167423 in July 1991 under the Company and Allied Matters decree of 1992. The Company’s name was later changed to New Prudential Building Society Limited in 1995, and subsequently changed to New Prudential Mortgage Bank in 2013. 

At incorporation, the authorised share capital of the company was 10,000,000. The authorised share capital was increased from N10,000,000.00 to N20,000,000.00, and to N100,000,000.00 by creation of additional ordinary shares of N1.00 each on 23rd December 2002. New Prudential's operations have been minimal in the last few years. The bank was however recapitalized to N2.7 billion in December 2013. It is now being repositioned to take advantage of the tremendous untapped opportunities in the Nigerian housing sector. Fortunately, New Prudential is able to access the input and resources that will be critical to its future success. Central to this is an enterprising management team and a dynamic investor group.

Our client base comprises reputable individuals, associations, societies, and corporate organisations. The company has provided mortgage finance to various individuals on developments such as Covenant Garden Estate, Abuja, Diamond Estate, Isheri Lagos, Alaba International Market, Goodluck Jonathan Estate, Idimu; among others. The company successfully pulled through the difficult years of mortgage banking and has subsequently been achieving modest increase in profit from a loss making position. The bank remained a modestly profitable outfit with skeletal service/operations in its headquarters at Apongbon, with a staff strength of seven until the recent restructuring.

The bank is owned by 32 individuals who subscribed to its constitution. The shareholders took over 25% of the total shares in compliance with section 27(1)(b) of the Companies and Allied Matters Act, 1990 (CAMA) which requires that the subscribers to the memorandum of a company shall not take less than 25% in value of the authorised share capital of the company. New Prudential now operates from Victoria Island, Lagos State. There will also be modest expansion through additional branches in Lagos, Abuja and Port Harcourt, which is supported by a compelling business plan.

The expansion of the housing market will create both the catalyst and the environment for New Prudential and its co-investors, both legacy and new, to realise tremendous value from its investment. In the next 12 months, under the most conservative scenario, New Prudential will grow quickly into a company with a N5 billion balance sheet. The balance sheet will be consolidated and further grown to N15 billion in the following 5 years. New Prudential’s net profit after tax will grow accordingly. Revenues and profits generated by New Prudential will be transparent and visible to the company's shareholders and financiers.