₦ 0 .19 billion
Tier 1 Capital
₦ 0 .34 billion
Tier 2 Capital
₦ 0 .5 billion
Units Authorised Share Capital
NMRC has =N=13.19 Billion Tier 1 Capital which is above the minimum capital requirement of =N=5 Billion as stipulated by the CBN. NMRC has 8,500,000,000 units of Authorised Shares.
NMRC has 27 investors with the Ministry of Finance Incorporated (MoFI) and the Nigerian Sovereign Investment Authority (NSIA) holding 15.68% and 20.91% respectively.
Five (5) Commercial Banks (CBs) and twenty (20) Primary Mortgage Banks (PMBs) represent 11.11% and 52.30% respectively of the paid-up shares of NMRC.
The mix of investor groups is chosen to ensure the success of NMRC, as each group brings a unique value to the institution.
NMRC will from time to time raise additional Tier 1 capital
to meet regulatory requirement for expanding business scale.
The Company’s Tier 2 Capital includes a Subordinated Loan of US$ 168.13 Million which is a World Bank International Development Agency Loan to the Federal Republic of Nigeria for funding of the Housing Finance Programme. The role of the IDA loan is two fold:
- (i) To strengthen the balance sheet; and
- (ii) To ensure sustainability of the model as it will provide confidence in the credit standing of NMRC as a bond issuing entity.