Nigeria Mortgage Refinance Company
From Wikipedia, the free encyclopedia
 | |
| Company type | Public limited company |
|---|---|
| Industry | Financial services |
| Founded | 24 June 2013 |
| Headquarters | , Nigeria |
| Website | www |
The Nigeria Mortgage Refinance Company Plc (NMRC) is a Nigerian financial services company that was established to develop both the primary and secondary mortgage markets in Nigeria. Although set up as a company it is a partnership between the Nigerian government and entities such as primary mortgage banks, insurance companies, private equity investors and international financial institutions.
The NMRC encourages lenders to provide mortgages by providing long-term funding at an affordable rate, as well buying mortgages from the primary lenders to grow the mortgage market, using long term funds raised on capital markets.[1]
NMRC was set up to bridge the funding cost of residential mortgages and increase the availability and affordability of good housing to Nigerians by providing increased liquidity in the mortgage market through the mortgage and commercial banks.[2]
Nigeria Mortgage Refinance Company (NMRC) was incorporated as a public limited liability company licensed to provide mortgage-lending institutions with access to long-term finance at an affordable interest rate, thereby enabling mortgages to be issued by these institutions to Nigerians, at longer tenors and affordable rates.
NMRC obtained an Approval-in-principle from the CBN on 20 June 2013. The company became incorporated on 24 June 2013 as Nigeria Mortgage Refinance Company Plc and were issued their license for operations on February 18, 2015.[3]
Leadership
The NMRC’s board of directors are responsible for the formulation of policies and strategies of the Company. They are drawn from member companies, the Nigerian government and major industry people.[4]
As of 2023[update], the board consists of:
| Name of board member | Position at the NMRC | Other commitment |
|---|---|---|
| Mr. Charles Adeyemi Candide-Johnson | Chairman | Senior partner at Strachan Partners |
| Mr. Kehinde Ogundimo | Chief executive officer | |
| Mrs. Fatima Wali-Abdurrahman | Non-executive director | Professional architect |
| Dr. Femi Johnson | Non-executive director | Managing director/CEO Home Base Mortgage Bank Limited |
| Mr. Alexander Adeyemi | Non-executive director | Distinguished fellow of the National Institute |
| Mr. Razack Adeyemi Adeola | Non-executive director | Group managing director / CEO Sterling Bank Plc |
| Dr. Olabanjo Obaleye | Non-executive director | Managing director / CEO of Infinity Trust Mortgage Bank PLC |
| Dr. Herbert Wigwe | Non-executive director | Group managing director, Access Bank Plc. |
| Mr. Aminu Umar-Sadiq | Non-executive director | Managing director / CEO of the Nigeria Sovereign Investment Authority |
Recognition
Nigeria Mortgage Refinance Company (NMRC) received the given the 'Mortgage Bank/Product of the Year' category at the eighth edition of the African Banker Awards held in Kigali, Rwanda in 2014.[5]