November 22, 2019, Benin City, Edo State Nigeria
In continuation of the drive to remove barriers to housing development, the Nigeria Mortgage Refinance Company Plc and Edo State Government yesterday signed a Memorandum of Understanding as a prelude to the adoption and passage of a State-wide Model Mortgage Foreclosure mechanism into Law in Edo State.
The agreement was executed by the Edo State Attorney General, Professor Yinka Omorogbe on behalf of the Executive Governor, His Excellency Godwin Obaseki while the Managing Director/Chief Executive Officer Mr. Kehinde Ogundimu signed on behalf of NMRC.
The MoU is a demonstration of the commitment of the Edo State Government towards making Edo State a Mortgage and housing market-friendly state. Part of the benefits of the proposed foreclosure law includes improving the State’s ability to attract investments that will unlock the dead capital in real estate assets in Edo State amongst other innovations.
Edo State per virtue of the agreement has joined a growing league of State Governments at the forefront of housing finance transformation in Nigeria. The MoU represents NMRC’s value preposition under the World Bank-sponsored housing finance strategy aimed at removing barriers to housing finance and promoting the creation of an enabling environment for housing development and mortgage creation across States in Nigeria through the adoption and passage of NMRC’s proposed MMFL.