NMRC Seeks Approval for N440bn Debt Programme

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The Nigeria Mortgage Refinance Company (NMRC) plans to seek approval from members by the end of the month to triple the size of its debt programme to N440 billion ($1.44 billion), the state-backed mortgage agency said on Monday.

Nigeria set up a mortgage-backed guarantee company in 2014, partly with World Bank aid, in an effort to boost lending through the creation of a secondary housing market, which is virtually non-existent in Africa’s most populous nation.

The NMRC said the notes could be issued through non-convertible loans and bonds, either through public offering, private placement or a book-building process, Reuters quoted it to have said in a notice to members.

Source: THISDAY

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