By Boluwatife Oshadiya
Key Points
- Nigeria Mortgage Refinance Company (NMRC) has listed a ₦11.50 billion 10-year fixed rate bond on FMDQ Securities Exchange.
- The bond carries a 17.25 per cent coupon rate under NMRC’s ₦440 billion Medium Term Note Programme.
- Proceeds will be used to expand mortgage refinancing operations and improve housing finance access.
- Market stakeholders say the issuance reflects growing investor confidence in Nigeria’s debt capital market.
Main Story
Nigeria Mortgage Refinance Company PLC (NMRC) has secured the listing of its ₦11.50 billion 10-Year 17.25 per cent Series 1 Fixed Rate Bond on FMDQ Securities Exchange Limited, in a move aimed at deepening long-term housing finance and strengthening Nigeria’s debt capital market.
The listing was approved under NMRC’s ₦440 billion Medium Term Note Programme, further reinforcing the growing role of the domestic debt market in supporting infrastructure and housing development across Nigeria.
NMRC, a mortgage refinancing institution licensed by the Central Bank of Nigeria (CBN), was established in 2013 to provide long-term liquidity to mortgage lenders and improve access to affordable housing finance nationwide.
The company said proceeds from the bond issuance will be channelled toward expanding refinancing operations, strengthening support for primary mortgage lenders, and advancing the Federal Government’s housing accessibility agenda.
The transaction was sponsored by Stanbic IBTC Capital Limited, which acted as Sole Issuing House and Bookrunner for the issuance.
Reacting to the successful listing, Managing Director of NMRC, Mr Kehinde Ogundimu, said investor confidence remained strong despite prevailing macroeconomic pressures.
“NMRC is pleased with the strong reception of our Series 1 Bond issuance, which reflects continued investor confidence in NMRC’s business model and the critical role we play in strengthening Nigeria’s housing finance ecosystem,” Ogundimu said.
“The successful execution of this transaction enables us to further support mortgage lenders with long-term funding and advance our objective of improving access to affordable housing finance,” he added.
Also commenting, Chief Executive of Stanbic IBTC Capital Limited, Mr Oladele Sotubo, described the transaction as evidence of sustained investor appetite for quality debt instruments in Nigeria.
“The strong level of oversubscription highlights the strength of investor appetite for well-structured, high-quality credit in the Nigerian debt capital markets,” Sotubo stated.
FMDQ Group Chief Operating Officer, Ms Tumi Sekoni, said the listing underscored the importance of long-tenor financing instruments in supporting sectors critical to economic development.
“Housing finance remains central to inclusive economic development, and NMRC’s presence on our platform further reinforces FMDQ Exchange’s commitment to providing a transparent, efficient, and credible marketplace,” Sekoni said.
The development comes amid Nigeria’s widening housing deficit, estimated by industry experts to exceed 20 million units, with affordability and access to long-term mortgage financing remaining major challenges for many Nigerians.
Analysts say deeper participation in the bond market could provide mortgage institutions with the liquidity required to offer longer repayment tenors and more affordable housing loans.
What’s Being Said
Market operators say the successful bond issuance reflects improving confidence in Nigeria’s fixed income market despite elevated interest rates and inflationary pressures.
Industry stakeholders also note that expanding access to long-term mortgage financing is critical to reducing Nigeria’s housing deficit and stimulating broader economic activity across the construction and real estate sectors.
What’s Next
NMRC is expected to deploy the proceeds toward refinancing eligible mortgage portfolios and supporting participating mortgage lenders across the country.
Analysts will also monitor whether additional issuances under the company’s ₦440 billion Medium Term Note Programme attract similar levels of investor participation.
The listing is expected to further deepen liquidity in Nigeria’s debt capital market while encouraging more corporate and infrastructure-related bond issuances.
Bottom Line
NMRC’s ₦11.50 billion bond listing highlights the growing importance of Nigeria’s debt capital market in financing long-term economic development. The transaction is expected to strengthen mortgage liquidity, support affordable housing, and expand investor participation in the fixed income market.
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