NMRC refinances N32 million mortgages, hedges rise in interest rates

The Nigeria Mortgage Refinance Company Plc (NMRC) has accessed the capital market three times to refinance mortgages worth over N32 million.

The firm also said it provided long-term liquidity to both primary mortgage and commercial banks to moderate the rise of mortgage interest rates in the country.

NMRC’s Chief Executive Officer, Mr. Kehinde Ogundimu, who stated this at the 9th yearly general meeting held in Lagos, said NMRC has led advocacy for the adoption of model mortgage and foreclosure law, as well as being at the forefront in the development and adoption of the mortgage uniform underwriting standard.

Ogundimu noted that despite the challenges witnessed in 2022, the company has continued to demonstrate resilience with sustained improvements in major financial metrics.

He said the net interest income increased by 9.8 per cent from N5.02 billion in 2021 to N5.52 billion in 2022, with Profit before tax standing at ₦3.47 billion, an increase of 2.8 per cent over the ₦3.39 billion recorded in 2021. While earnings per share increased by 1.9 per cent from ₦1.56k in 2021 to ₦1.59k in 2022.

“We advance our yearly collaboration with the Industrial Training Fund (ITF) to empower unemployed youths with technical skills in masonry, plumbing, carpentry, tiling, and electrical works as part of 2022 Corporate Social Responsibility Programme.

“The vocational and entrepreneurship training is designed to achieve the dual purpose of enhancing the livelihoods of the youth, while tackling the skills gap in the housing construction industry in the country,” he added.

The meeting, presided over by the Chairman, Mr. Charles Candide-Johnson (SAN), was attended by representatives of banks, who form a significant shareholding bloc, the Ministry of Finance Incorporated, Nigeria Sovereign Investment Authority, Central Bank of Nigeria, Securities and Exchange Commission, Corporate Affairs Commission, FMDQ and other stakeholders.

Candide-Johnson remarked that despite the significant macro-economic challenges, NMRC performed well, benefiting from sound capital and good governance practices.

While announcing the company’s 2022 financial results, he stated that NMRC’s gross earnings increased by 2.0 per cent from ₦9.91 billion in 2021 to ₦10.11 billion in 2022, while refinanced loans increased by 13.8 per cent from ₦21.10 billion as at December 31, 2021, to ₦24.02 billion as at December 31, 2022.

The meeting saw the shareholders approve a dividend payment of ₦0.47k for every ordinary share held, ratification of the appointment of two directors; Mr. Aminu Umar-Sadiq and Dr. Armstrong Takang as Non-Executive Directors and the re-election of the retiring directors, namely Dr. Herbert Wigwe, Dr. Olufemi Johnson, and Mr. Charles Candide-Johnson, SAN.

The meeting also approved the election of Mr. George Oko-Eboh and Dr Banjo Obaleye as members of the Statutory Audit Committee.

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