Board of Directors

CORPORATE GOVERNANCE

NMRC’s board is responsible for the formulation of policies and strategies of the Company. NMRC board will adhere to strict corporate governance practices including the SEC and CBN Codes of Corporate Governance; therefore, NMRC’s board will be supported by board committees, which will be made up of board members with delegated authority to deliberate on specific issues and make recommendations to the board for approval.

Supervisory and Regulatory Framework
In March 2013, the management of the Central Bank of Nigeria approved the Regulatory and Supervisory Framework for the Operations of a Mortgage Refinance Company as an exposure draft.

The framework provides for the licensing and establishment of a Mortgage Refinance Company (NMRC) as a specialized non deposit taking second-tier institution, which would provide short-term liquidity, long-term funding and/or guarantees to mortgage originators and housing finance lenders.

The regulatory framework is designed to ensure that the NMRC operates in a safe and sound manner, on internationally accepted principles, standards and best practice in mortgage liquidity facilities. The regulatory framework is drawn pursuant to the provisions of the Central Bank of Nigeria (CBN) Act 2007, Banks and Other Financial Institutions Act (BOFIA) CAP B3, Laws of the Federation of Nigeria (LFN) 2004, other relevant Laws, and extant CBN Guidelines and Circulars.
Ownership Structure
NMRC is a private sector company with a public mission and it is intended that the shareholding structure will reflect the public private partnership. To this end, NMRC will be majority privately owned and any public sector stake will be limited. The shareholder mix will initially comprise mainly of three classes of investors:

1. Financial Institutions, composed mainly of mortgage and commercial banks
2. Development Finance Institutions such as IFC, Shelter Afrique
3. Public Sector/ Government Sponsored Institutions such as Ministry of Finance Incorporated (MOFI) and Nigerian Sovereign Investment Authority.
Corporate Governance Structure
NMRC has a three-tier governance structure which is consistent with the overall strategic objectives of the company. The structure is constituted as follows:

General Meeting: The ultimate decision making body of the Company comprising representatives of the different shareholders.

Board of Directors: The second level of governance responsible for overseeing the conduct of the Company’s management and directing the realisation of its corporate goals. It is responsible for the formulation of policies and strategies of the Company and adheres to strict corporate governance practices including the SEC and CBN Codes of Corporate Governance.

Management Team: Responsible for co-ordinating the day-to-day activities of the company and ensuring the realisation of NMRC’s overall business and strategic goals. The team comprises the Managing Director/ CEO of the Company and other executive management staff.