NMRC Disburses N6billion Housing Fund in One Year

The Nigerian Mortgage Refinancing Company, NMRC, has released N6 billion to primary mortgage institutions, PMIs,  for mortgage on-lending to Nigerians since 2015.

The amount is part of the N8 billion proceeds earlier raised from the capital market for mortgage refinancing in the country.

NMRC Managing Director and Chief Executive Officer, Prof. Charles Inyangete, said already, some 1400 applicants comprising 700 refinancing loans and another 700 new mortgages deal have pulled through.

He also stated in Abuja that the firm has signed a memorandum of understanding (MoU) with the National Bureau of Statistics (NBS) on the generation of a reliable and dependable housing data in Nigeria to assist the NMRC understand the housing needs of the country as well as the desirable components and location.

Inyangette declared that the agency’s target for mortgage finance delivery for this year was 5000, adding that NMRC was returning to the market soon to raise another tranche of funds out of the N120 billion already approved for it by the Securities and Exchange Commission (SEC).

He said so far, all the mortgages granted were performing well and explained that the development was motivating the agency to do more because it is convince that the deals were genuine and not fake.