NMRC Advocates Model Mortgage And Repossession Law Adoption

The Nigeria Mortgage Refinance Company Plc has advocated for the adoption of model mortgage and foreclosure laws in Nigeria.

NMRC’s Chief Executive Officer, Kehinde Ogundimu, stated this during its 9th Annual General Meeting, held in Lagos recently.

He said, “It is worthy of note that NMRC has accessed the capital market three times to refinanced mortgages worth over N32bn, led advocacy for the adoption of model mortgage and foreclosure law in Nigeria.

“NMRC has also provided long-term liquidity to both primary mortgage and commercial banks to moderate the rise of mortgage interest rates in Nigeria while remaining at the forefront in the development and adoption of the mortgage uniform underwriting standard.”

Ogundemu further noted that despite the challenges witnessed in 2022, NMRC had continued to demonstrate resilience with sustained improvements in major financial metrics.

He added, “Net Interest income increased by 9.8 per cent from N5.02bn in 2021 to N5.52bn in 2022, with profit before tax standing at N3.47bn, an increase of 2.8 per cent over the N3.39bn recorded in 2021. Earnings per share also increased by 1.9 per cent from N1.56 kobo in 2021 to N1.59 kobo in 2022.”

Also, the Chairman of NMRC, Adeyemi Candide-Johnson, noted despite the significant macroeconomic challenges, NMRC performed well, benefiting from sound capital and good governance practices.

He stated that NMRC’s gross earnings increased by 2.0 per cent from N9.91bn in 2021 to N10.11bn in 2022 while refinanced loans increased by 13.8 per cent from N21.10bn as of December 31, 2021, to N24.02bn as at December 31, 2022.

The AGM saw the shareholders approve a dividend payment of N0.47k for every ordinary share held.

Punch/Olusola Akintonde