NMRC Annual General Meeting 2023

August 9, 2023, 1:00 pm, Victoria Island, Lagos, Nigeria
Nigeria Mortgage Refinance Company Plc (NMRC) held its 9th Annual General Meeting (AGM) at the Abora Hall, Eko Hotel and Suites, Victoria Island, Lagos on August 9, 2023. The meeting, presided over by the Chairman, Mr. Charles Candide-Johnson (SAN), was well attended by representatives of banks who form a significant shareholding bloc, Nigeria Sovereign Investment Authority, Central Bank of Nigeria, Securities and Exchange Commission and other Stakeholders.
In presenting the Company’s Annual Report and Accounts for 2022 to the shareholders, the Chairman remarked that despite the significant macro-economic challenges, NMRC performed well, benefiting from sound capital and good governance practices. While announcing the company’s 2022 financial results, he stated that NMRC’s gross earnings increased by 2.0% from ₦9.91 billion in 2021 to ₦10.11 billion in 2022 while refinanced loans increased by 13.8% from ₦21.10 billion as at December 31, 2021, to ₦24.02 billion as at December 31, 2022.

NMRC’s Chief Executive Officer, Mr Kehinde Ogundimu, in his comments noted that despite the challenges witnessed in 2022, NMRC continued to demonstrate resilience with sustained improvements in major financial metrics. Mr Ogundimu further noted that Net Interest income increased by 9.8% from N5.02 billion in 2021 to N5.52 billion in 2022, with Profit before tax standing at ₦3.47 billion, an increase of 2.8% over the ₦3.39 billion recorded in 2021. Earnings per share also increased by 1.9% from ₦1.56k in 2021 to ₦1.59k in 2022.
In his closing remarks, the Chairman extended his gratitude and best wishes to the shareholders, Board of Directors, business partners and all other stakeholders who continue to partner with NMRC in making housing finance more available and affordable.
The AGM saw the shareholders approve a dividend payment of ₦0.47k for every ordinary share held, ratification of the appointment of two directors; Mr. Aminu Umar-Sadiq and Dr. Armstrong Takang as Non-Executive Directors and the re-election of the retiring directors, namely Dr. Herbert Wigwe, Dr. Olufemi Johnson, and Mr. Charles Candide-Johnson, SAN,
The meeting also approved the election of Mr. George Oko-Eboh and Dr Banjo Obaleye as members of the Statutory Audit Committee.
The shareholders also approved the appointment of Messrs PricewaterhouseCoopers (PwC) as the External Auditor of the Company in place of Messrs KPMG Professional Services, who had just retired in line with regulatory requirements after serving the Company for a period of 10years.

For more details, please visit our Investor Relations page at https://nmrc.com.ng/stage/investor-relations/.