NMRC refinanced N32,000,000 in mortgages to protect against rising interest rates
The Nigeria Mortgage Refinance Company Plc (NMRC) has successfully accessed the capital market on three occasions to refinance mortgages totaling over N32 million. The company also highlighted its role in providing long-term liquidity to primary mortgage and commercial banks, aimed at mitigating the escalation of mortgage interest rates in Nigeria.
Mr. Kehinde Ogundimu, the CEO of NMRC, shared this information during the 9th annual general meeting held in Lagos. Ogundimu emphasized NMRC's advocacy for the adoption of model mortgage and foreclosure laws and its active involvement in the development and implementation of uniform mortgage underwriting standards.
Despite the challenges faced in 2022, NMRC exhibited resilience and achieved improvements in key financial metrics. The net interest income rose by 9.8%, reaching N5.52 billion in 2022 from N5.02 billion in 2021. The profit before tax also saw a 2.8% increase to ₦3.47 billion compared to ₦3.39 billion in 2021. Earnings per share experienced a 1.9% growth, rising from ₦1.56k in 2021 to ₦1.59k in 2022.
Ogundimu highlighted NMRC's collaboration with the Industrial Training Fund (ITF) to provide vocational training in areas like masonry, plumbing, carpentry, tiling, and electrical work. This initiative aims to empower unemployed youths with valuable skills while addressing the skills gap in the housing construction industry.
The annual meeting, chaired by Mr. Charles Candide-Johnson (SAN), drew attendees including bank representatives, stakeholders from the Ministry of Finance Incorporated, Nigeria Sovereign Investment Authority, Central Bank of Nigeria, Securities and Exchange Commission, Corporate Affairs Commission, FMDQ, and others. Candide-Johnson acknowledged NMRC's strong performance amid macroeconomic challenges, attributing it to sound capital and governance practices.
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Regarding NMRC's financials in 2022, Candide-Johnson announced a 2.0% increase in gross earnings from ₦9.91 billion in 2021 to ₦10.11 billion in 2022. Refinanced loans also grew by 13.8%, reaching ₦24.02 billion by December 31, 2022, compared to ₦21.10 billion by December 31, 2021.
During the meeting, shareholders approved a dividend payment of ₦0.47k for each ordinary share held and ratified the appointments of Mr. Aminu Umar-Sadiq and Dr. Armstrong Takang as Non-Executive Directors. The re-election of retiring directors, namely Dr. Herbert Wigwe, Dr. Olufemi Johnson, and Mr. Charles Candide-Johnson (SAN), was also endorsed. Additionally, the election of Mr. George Oko-Eboh and Dr. Banjo Obaleye as members of the Statutory Audit Committee received approval.