Experts to NMRC: Disclose beneficiaries of N18bn loan

There is a cold war currently brewing between the Nigeria Mortgage Refinance Company (NMRC) and housing /mortgage providers over acclaimed total loans disbursements by the former in 2018.

No sooner had NMRC, through its Managing Director, Mr. Kehinde Ogundimu, announced that the company refinanced mortgage loans totaling N18 billion as of December 2018, housing stakeholders, comprising developers, real estate practitioners, and mortgage providers raised suspicion over the declaration.

They want NMRC to disclose names of beneficiaries of the loans if actually disbursed, pointing out that there was no way such a huge refinancing loan would be released to their sector and they would not feel it.

According to them, with such huge refinancing loans, more mortgages would be created by the Primary Mortgage Banks (PMBs) and there would be more activities in the housing sector.

Credit: Ripples Nigeria