NMRC Advocates the Adoption of Model Mortgage and Repossession Law

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The Nigeria Mortgage Refinance Company Plc is advocating for the adoption of model mortgage and foreclosure laws in Nigeria. NMRC’s Chief Executive Officer, Kehinde Ogundimu, made this known during the 9th Annual General Meeting, held recently in Lagos.

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.”

Furthermore, Ogundimu noted that despite the challenges witnessed in 2022, the institution had remained resilient 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 speaking at the event is the Chairman of NMRC, Adeyemi Candide-Johnson, who noted that despite the significant macroeconomic challenges, NMRC performed well, benefiting from sound capital and good governance practices.

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

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