NMRC Holds Its 2nd Annual General Meeting: Reports Profit of N482 Million in 2015

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NMRC Holds Its 2nd Annual General Meeting: Reports Profit of N482 Million in 2015

The Nigeria Mortgage Refinance Company the nation’s leading mortgage refinance company held its second Annual General Meeting (AGM) the EKO Hotels and Suites, Victoria Island, Lagos on the 18th October, 2016.

The Company recorded significant increase in its profitability (N482 million in 2015 versus N160million in 2014) and in its total assets (N39.01 billion in 2015 versus N10.6 billion in 2014).

The Shareholders of the Nigeria Mortgage Refinance Company (NMRC) approved all the proposals put forward by its Board of Directors at the Annual General Meeting in Lagos, including the appointment of four independent Directors (Dr. Charles Okeahalam - Chairman, Mr. Charles Candide-Johnson, SAN, Dr. Anino Emuwa and Mrs. Fatima Wali-Abdurrahman). The appointment of Mr. Adeniyi Akinlusi as a Non-Executive Director was also approved.

After welcoming shareholders to the meeting, the Chairman of the Board of Directors, Dr. Charles C. Okeahalam expressed satisfaction with the performance of the company for the period under review.

The Company’s Chief Executive Officer, Professor Charles Inyangete, noted that as NMRC continues its journey towards greater financial strength, the main focus and long term strategy of the company is on improving mortgage penetration by growing the supply and the demand side of the housing value-chain.

Professor Inyangete also stated that despite the headwinds confronting the housing sector in Nigeria, the Company will continue to explore opportunities presented by its access to long-term funding from the Capital market to drive its mandate and ultimately reverse the widening housing deficit while ensuring superior performance and returns to investors and stakeholders.