Business - News - January 27, 2021

Nigerian mortgage refinance firm lists N10bn bond on FMDQ platform

FMDQ Securities Exchange Ltd. On Wednesday announced on its platform the approval of the listing of the Nigerian Mortgage Refinance Company Plc (NMRC) Series 3 N10 billion fixed rate bond under its N440 billion bond issuance programme.
The NMRC is a private sector-driven mortgage refinancing company with the purpose of promoting home ownership for Nigerians.
Also, the company exists to deepen the primary and secondary mortgage markets by raising long-term funds from the capital market to enhance access to affordable housing finance in Nigeria.
FMDQ said the approval followed due diligence conducted by its Board, Listings and Markets Committee.
With the listing, NMRC said it has joined a host of other corporate securities issued on the FMDQ Exchange Platform to kick-start 2021 business year.
In view of the sustained disruptions to businesses and economies by the impact of the COVID-19 pandemic, the Nigerian capital market had continued to provide succour for corporate entities looking to raise funds to meet shortfalls in their working capital needs as well as capital expenditures.
The Managing Director of NMRC, Kehinde Ogundimu, said proceeds from the issue would be used to refinance existing and conforming mortgage loans.
Mr Ogundimu said the issuance also demonstrated NMRC’s commitment to the provision of affordable liquidity to the mortgage market by attracting long-term funding into the housing finance industry from the capital markets.
He said the prevailing interest rate regime would reduce the rate at which the primary mortgage institutions un-lend to their customers and in the long-term, substantially drive reduction in mortgage interest rates.
FMDQ Group is reputed to be Africa’s first vertically integrated financial market infrastructure (FMI) group providing a one-stop platform for seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria. (NAN)

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