The Nigeria Mortgage Refinance Company (NMRC) recorded a profit of N482 million for its operations in 2015, which is a substantial increase over the N160 million profit it declared in 2014. Also, the company recorded increase in its total assets, rising to N39.01 billion in 2015 from N10.6 billion in 2014.
Vanguard reports that this was disclosed at NMRC’s 2nd Annual General Meeting held last week, in Lagos, where the NMRC shareholders approved all the proposals put forward by its Board of Directors. The proposals included the appointment of four independent Directors (Dr. Charles Okeahalam – Chairman, Mr. Charles Candide-Johnson, SAN, Dr. Anino Emuwa and Mrs. Fatima Wali-Abdurrahman). The appointment of Mr. Adeniyi Akinlusi as a Non-Executive Director was also approved.
In addition, Vanguard reports that in a brief statement, the company’s Chief Executive Officer, Professor Charles Inyangete, noted that as NMRC continues its journey towards greater financial strength, the main focus and long term strategy of the company is on improving mortgage penetration by growing the supply and the demand side of the housing value-chain.
Inyangete also stated that despite the headwinds confronting the housing sector in Nigeria, the Company will continue to explore opportunities presented by its access to long-term funding from the Capital market to drive its mandate and ultimately reverse the widening housing deficit while ensuring superior performance and returns to investors and stakeholders.
According to analysts, NMRC’s profit in 2015, though higher than the prior year, could have been much higher if conforming mortgages were readily available in the market for the company to refinance. Analysts expect that as the mortgage market grows, the company’s footprint would expand substantially, Vanguard reports.
Vanguard reports that NMRC’s Chief Financial Officer, Mr. Kehinde Ogundimu noted that the company is taking necessary steps to preserve and grow the organisation’s capital with a view to deepening and sustaining its core refinancing operations.