NMRC Seeks Approval for N440bn Debt Programme

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.