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About Us

ABOUT NMRC

We are Nigeria’s Trusted Leader
In Housing Finance.

The Nigeria Mortgage Refinance Company (NMRC) is a private sector-driven mortgage
liquidity facility 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; it obtained its final operating license from the Central Bank of Nigeria on 18th February 2015.

About Us
N 0 B
Issued from the local debt capital markets
N 0 B
To finance mortgage lenders’ portfolios.
$ 0 M
Got Loan commitment from World bank-IDA

Our Mission

To break down barriers to home ownership by providing liquidity, affordability, accessibility, and stability to the housing market in Nigeria.

Vision

To be the dominant housing partner in Nigeria.

Core Values

Integrity

We are honest in all we do and demonstrate strong ethical principles and moral convictions

Integrity

We are honest in all we do and demonstrate strong ethical principles and moral convictions

Leadership

Leadership

We are at the forefront of facilitating a positive change in the quality of housing finance. We are dedicated to our work, take full responsibility for our actions, and honour our commitments to our stakeholders.

Innovation

Innovation

We champion new ideas to transform what we do while pushing for better approaches to developing the housing finance market.

Partnership

Partnership

We collaborate internally across functions and with external stakeholders to amplify our impact.
Integrity

We are honest in all we do and demonstrate strong ethical principles and moral convictions

Leadership

We are at the forefront of facilitating a positive change in the quality of housing finance. We are dedicated to our work, take full responsibility for our actions, and honour our commitments to our stakeholders.

Innovation

We champion new ideas to transform what we do while pushing for better approaches to developing the housing finance market.

Partnership

We collaborate internally across functions and with external stakeholders to amplify our impact.

MD/CEO’s Welcome Address

The Nigeria Mortgage Refinance Company (NMRC) was licensed on February 18, 2015, to promote the 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 mortgages of mortgage and commercial banks, enabling them to offer more accessible and longer-term home loans to Nigerians.

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OUR PEOPLE

Leadership & Structure

Our people are the foundation of our success and the guarantee of a stronger, more inclusive housing finance system for today and the future.

OUR PEOPLE

Leadership & Structure

Our people are the foundation of our success and the guarantee of a stronger, more inclusive housing finance system for today and the future.

Mr. Yemi Adeola

Board Chairman

Board Of
Directors

The Board of Directors provide direction to management by setting strategic direction and overseeing implementation. It ensures that long-term growth, risks, and rewards are appropriately balanced.

Management
Team

The Management Team implements the company’s strategy, manages daily operations, drives performance, safeguards its reputation, and ensures strong corporate governance.

Mr. Kehinde Ogundimu

Managing Director/CEO

Ownership
Structure

Our ownership structure blends public trust with private sector efficiency. It ensures neutrality, builds confidence, and drives our commitment to a sustainable housing finance ecosystem for Nigeria.

Corporate
Governance

The Nigeria Mortgage Refinance Company PLC (“NMRC”) or (the “Company”) is committed to consistently maintaining the best Corporate Governance practices.

NMRC EVOLUTION

Milestones That Define Us

NMRC’s journey is marked by significant milestones 
that have reshaped the housing finance sector.

JAN
2013
Incorporation of NMRC
  • CBN issues regulatory framework for NMRC.
  • Constitution of NMRC’s Board.
  • Negotiation of $250million World Bank –International Development Agency (IDA) Loan.
  • 1st equity issuance of N7.7bn.
JAN
2014
Official Launch of NMRC
  • Received the 1st tranche of World Bank IDA loan.
  • Published the Uniform Underwriting Standard.
JAN
2015
Executed the FGN Guarantee Agreement
  • Obtained final operational license from CBN.
  • Received 2nd Tranche of World Bank Loan.
  • Successfully Issued N8bn 15-year NMRC Bond.
  • Commenced refinancing of mortgages.
JAN
2016
Designed a fully customized internet-based Mortgage Market System.
JAN
2017
Signed MOUs with several states on the Mortgage Administration Law (MAL), formerly Model Mortgage and Foreclosure Law (MMFL)
  • The first MMFL was passed (in Kaduna State).
  • 2nd equity issuance of N0.94bn.
JAN
2018
Successfully issued an N11bn 15-year NMRC bond
  • Received the 3rd tranche of World Bank –IDA loan.
  • Launched Uniform Underwriting Standard (UUS) for the informal sector.
  • 2nd equity issuance of N0.94bn.
    • JAN
    2020
    • Successfully issued a N10bn 7-year NMRC Bond.
    • Received CBN approval to refinance non-member banks.
    JAN
    2022
    • Received CBN approval to increase mortgage refinancing limit to N200million from N50million
    JAN
    2024
    • Secured a development assistance loan of $200mn from US Development Finance Corporation.
    2013
    2014
    2015
    2016
    2017
    2018
    2020
    2022
    2024

    OUR CAPITAL

    Our Journey in the Capital Market

    Since 2015, we have tapped into the Nigerian capital market to raise funding for mortgage refinancing, and each time, the response from investors has been overwhelmingly positive.

    July 2015

    July 2015

    In July 2015, we issued our first bond - ₦8 billion for 15 years at a 14.9% interest rate. It was a landmark moment, as we became the first mortgage refinance company in Africa to raise funds this way. The proceeds were used to refinance mortgages originated by our member banks.

    May 2018

    May 2018

    In May 2018, we followed up with a ₦11 billion Series II Bond, which was oversubscribed by more than 200%. The strong demand showed the growing confidence in NMRC’s model and Nigeria’s evolving housing finance landscape.

    November 2020

    November 2020

    In November 2020, we issued our ₦10 billion Series III Bond at a more competitive 7.2% interest rate. This round was oversubscribed by 328%, further demonstrating robust investor trust in our mission and performance.

    Till Date

    Till Date

    To date, we have refinanced mortgages worth over ₦33 billion, helping more Nigerians move closer to the aspiration of owning a home.

    QUICK LINKS

    Corporate Management

    NMRC’s journey is marked by significant milestones that have reshaped the housing finance sector.

    Housing Market
    Insight

    Corporate
    Governance

    Annual

    Reports

    Housing Market
    Information Portal

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