The Nigeria Mortgage Refinance Company Plc (NMRC) has reaffirmed its financial resilience and commitment to prudent management despite the challenging macroeconomic environment, as shareholders approved a dividend of 80 kobo per share at the company’s 12th Annual General Meeting (AGM) held virtually last week.

The meeting, chaired by Dr Olabanjo Obaleye, was attended by representatives of the company’s corporate shareholders, the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC) and other key stakeholders.

Presenting the company’s 2025 Annual Report and Accounts, Obaleye said that although the operating environment remained challenging, NMRC recorded a modest performance driven by prudent management, disciplined execution and a commitment to long-term sustainability.

He noted that while profitability moderated during the financial year, the company remained financially sound, maintaining adequate capital and liquidity while continuing to operate in compliance with regulatory requirements and prudential standards.

Speaking at the AGM, the Managing Director/Chief Executive Officer of NMRC, Mr Kehinde Ogundimu, said the unusually high interest rate environment prompted the company to adopt a proactive strategy aimed at strengthening its balance sheet.

According to him, NMRC deliberately managed its liabilities and repayments by contracting its balance sheet, describing the move as a non-distress-driven decision that demonstrated sound financial discipline amid elevated borrowing costs.

Ogundimu disclosed that the company recorded Net Interest Income of N6.462 billion in 2025, representing a 2.45 per cent increase over the previous year. Profit Before Tax, however, stood at N3.489 billion, representing a 7.5 per cent decline from the 2024 figure, which he attributed largely to prevailing economic conditions.

Despite the decline in profit, shareholders approved a dividend of 80 kobo per share, signalling continued confidence in the company’s financial position and long-term prospects. The AGM also ratified the appointments of Mr Adeyemi Odubiyi and Mr Arinze Adigwe as Non-Executive Directors, while Ms Funke Aboyade and Dr Markie Idowu were re-elected to the Board.

In addition, shareholders approved the reappointment of PricewaterhouseCoopers (PwC) as the company’s External Auditors to serve until the next Annual General Meeting. Obaleye expressed appreciation to shareholders, the Board of Directors, regulators and other stakeholders for their continued confidence, collaboration and support.

He reiterated NMRC’s commitment to strengthening Nigeria’s housing finance system and expanding access to affordable mortgage financing, particularly at a time when high interest rates and broader economic pressures continue to constrain access to housing.