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NMRC, FMDQ Sign MoU to Finance Housing Sector

Nigeria Mortgage Refinance Company PLC (NMRC) has signed a Memorandum of Understanding (MoU) FMDQ OTC Securities Exchange (FMDQ) to deploy intermediate long-term fund from the capital market for the provision of affordable housing.

The signing ceremony of the MoU was held in Abuja at the office of the NMRC.

Speaking during the event, the Managing Director/CEO NMRC, Prof. Inyangete Onadele said that the MoU demonstrated NMRC’s commitment to deepening the debt capital market.

Mr. Onadele said: “The partnership will mark an essential step towards the development of the Nigerian housing sector through, among others, the introduction and deployment of initiatives aimed at launching a range of mortgage products; the articulation of strategies aimed at developing the Nigerian mortgage industry through non-interest finance; partnership on awareness programmes, investor/market education and capacity building in Nigeria; and the expansion of listing opportunities for NMRC debt securities.

These initiatives are geared towards engendering market confidence and allowing NMRC to effectively connect the Nigerian mortgage industry to the DCM; and collaboration on pricing methodology, valuation framework and index development for mortgage bonds.”

He said that FMDQ, in partnership with NMRC and other key stakeholders, would engage in initiatives and campaigns to educate the market on mortgage-related debt instruments such as Mortgage-Backed Securities, Real Estate Investment Trusts, among others, in readiness for the housing revolution which the Nigerian market was positioned to experience.

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