Our objective is to bring Nigerians Affordable Housing.
Meet Our Board Members
NMRC has =N=13.19 Billion Tier 1 Capital
Our objectives is to bring Nigerians Affordable Housing
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The Nigeria Mortgage Refinance Company (NMRC) was licensed on February 18, 2015 to promote delivery of affordable housing to Nigerians.
Our key role is mortgage refinancing. We do this by raising long-term funds from the capital market to refinance conforming mortgage portfolios of mortgage and commercial banks in Nigeria.
We are committed to keeping the public and stakeholders regularly updated about our strides and the modest progress that we are making in building a modern housing finance for Nigeria in collaboration with other housing stakeholders.
M.D CEO, NMRC
The Nigeria Mortgage Refinance Company (NMRC) is a private sector-driven mortgage refinancing company with the public purpose of promoting home ownership for Nigerians while deepening the primary and secondary mortgage markets. NMRC was incorporated on 24th June 2013 and obtained its final operating license from the Central Bank of Nigeria on 18th February 2015.
Our vision is to be the dominant housing partner in Nigeria and our mission is to break down barriers to home ownership by providing liquidity, affordability, accessibility and stability to the housing market in Nigeria.
NMRC raises long term funds from the capital market, to enhance access to affordable housing finance in Nigeria. In July 2015 NMRC successfully issued a 15-year N8 billion Series 1 Bond under its N140 billion medium term Note Programme, backed by an unconditional Federal Government of Nigeria guarantee. In June 2018, NMRC again successfully raised N11billion from the capital market through a Series II bond issue. These funds have been deployed to the refinancing of the mortgage portfolio of NMRC member Primary Mortgage Banks (PMBs).
Breaking down the barrier of home ownership
To be the dominant housing partner in Nigeria
To remove barriers to home ownership, provide liquidity, affordability, accessibility and stability to the housing market in Nigeria.
F- Fairness | A- Accountability | C- Competence | T- Teamwork | E -Effectiveness | C- Commitment
Phase 1 (Year 1) Preparatory activities to commence operations
Phase 2 (Year 2 – 3) Refinance mortgages with recourse only (mortgagesthat comply with set standards)
Phase 3 (Year 4 – 5) Purchase/refinance only mortgages that comply with set standards
Phase 4 (Year 5 onwards) Purchase mortgage loans without recourse
• Preparatory activities to commence operations• Recruitment and office organisation• Commence marketing• Establish Uniform Underwriting Standards• Undertake technical activities for risk management
• Refinance mortgages with recourse only (mortgages that comply with set standards)• Issue corporate bonds with FGN Guarantee• Continue working on setting mortgage standards
• Purchase/refinance only mortgages that comply with set standards• Issue corporate bonds without guarantee• Continue working on setting standards for mortgage lending and spearheading legal reforms
• Purchase mortgage loans without recourse• Securitise mortgages from its portfolio and/or on behalf of its client mortgage originators• Continue purchase with recourse scheme• Continue developmental activities
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17 Sanusi Fafunwa, Victoria Island, Lagos. +234 908 762 8273
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