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NMRC’s pioneer MD, Inyangete retires

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Professor Charles Inyang Ete.<br />

The Board and Management of the Nigeria Mortgage Refinance Company (NMRC) has announced the retirement of Prof. Charles Inyangete as the Managing Director of the company, after three and a half years of meritorious service, and upon having attained the mandatory retirement age of 60 years old.

Professor Inyangete joined the company in November 2014, following the incorporation of NMRC as a key component of the Nigeria Housing Finance Programme (NHFP) funded under a US$300 million IDA Facility from the World Bank Group.

A statement issued by NMRC said that during his tenure, he saw the growth of the company from a three-man start up charged with launching unto a nascent and very challenging Nigerian Mortgage market with a clear mandate to grow the primary and secondary mortgage markets and promote home ownership in Nigeria to one which has made significant strides in the industry and recognised as an sector leader.

Achievements under his watch include the execution of NMRC’s first mortgage-backed bond issuance in July 2015, the very first of such in the whole of the African continent, as the first of a N440 billion bond issuance programme backed by an conditional guarantee of the federal government.

The N8 billion raised from that exercise was deployed to the refinancing of legacy and new mortgages of NMRC member banks that conform to NMRC’s uniform underwriting standards for the formal sector, another transformative product developed.



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