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NMRC disburses N6b for on lending, seals pact with NBS on housing data

By Mathias Okwe
19 July 2016   |   4:19 am
The Nigerian Mortgage Refinancing Company (NMRC) has disbursed N6 billion to primary mortgage institutions (PMIs) for mortgage on-lending to Nigerians since last year.
Professor Charles Inyangete.

Professor Charles Inyangete.<br />

*Targets 5000 before year-end
The Nigerian Mortgage Refinancing Company (NMRC) has disbursed N6 billion to primary mortgage institutions (PMIs) for mortgage on-lending to Nigerians since last year.

The amount is part of the N8 billion proceeds earlier raised from the capital market for mortgage refinancing in the country. Already, some 1400 applicants comprising 700 refinancing loans and another 700 new mortgages deal have pulled through, according to the NMRC Managing Director and Chief Executive Officer, Prof. Charles Inyangete.

He also stated in Abuja that the firm has signed a memorandum of understanding (MoU) with the National Bureau of Statistics (NBS) on the generation of a reliable and dependable housing data in Nigeria to assist the NMRC understand the housing needs of the country as well as the desirable components and location.

Inyangette declared that the agency’s target for mortgage finance delivery for this year was 5000, adding that NMRC was returning to the market soon to raise another tranche of funds out of the N120 billion already approved for it by the Securities and Exchange Commission (SEC).

He said so far, all the mortgages granted were performing well and explained that the development was motivating the agency to do more because it is convince that the deals were genuine and not fake.

He however listed the Company’s greatest challenge as the dearth of information on accurate desirable affordable housing by applicants, which informed the decision to engage the NBS to undertake a research and come up with a dependable figure that can aid it in planning

Prof. Inyangete said: “ The purpose of this MoU with the NBS is to develop a Nigeria housing information market with a reliable data on home ownership. This would assist the operators in the industry with adequate planning and enable us establish the number of mortgages to match the demand.

“We expect that this project will also provide us with imperial data which we believe is very critical step in the actualization of our mandate. It is a big day for us and for the entire country going forward,” he declared with optimism.

Speaking after signing the dotted lines, the Statistician General of the Federation, Dr. Yemi Kale who led the team of the NBS to the NMRC assured the mortgage refinance agency that the NBS will do all with its ability to speedily deliver on the mandate.

He commended the NMRC management for the bold action of attempting to depend on accurate data for its operations, pointing out that data was key to any organization that wants to succeed in its mandate.