NMRC appoints Okeahalam as board’s chairman

In line with its commitment to adopting international best practices, the Nigeria Mortgage Refinance Company (NMRC) has announced the appointment of Prof. Charles Okeahalam as the Chairman of the Board of Directors. He takes over from Mr Herbert Wigwe who has been serving as Interim Chairman since May 2015, following the resignation of Dr. Ngozi Okonjo-Iweala the former Minister for Finance.

Okeahalam has substantial experience in banking, finance and fixed income markets. He is a co-founder of Johannesburg based private equity fund and hedge fund AGH Capital.

He has served as a non-executive director on the boards of several major companies including ABSA Bank of South Africa, the Bond Exchange of South Africa, South African Airways, and also served as chairman of the board of directors of Heritage Bank, Nigeria.

A statement by the organisation noted that his appointment as Chairman of the Board of Directors of NMRC will strengthen corporate governance and his international experience will assist in deepening the mortgage market.

In addition to his substantial commercial experience, Okeahalam is a leading economist and former professor of finance. He earned a PhD in econometrics from the University of London in 1991, and in 2010 a DSc for seminal research contributions to banking and finance from the University of Exeter, United Kingdom.

NMRC is a private sector driven company with the public purpose of developing the primary and secondary mortgage markets by raising long term funds from the capital market in providing access to affordable housing finance in Nigeria. NMRC was incorporated on June 24, 2013 and obtained its operating licence on February 18, 2015.

In July 2015, NMRC successfully issued a 15-year N8billion Series 1 Bond under its N140bllion medium term Note Programme and has refinanced the mortgage portfolio of member Primary Mortgage Lenders (PMLs).

NMRC aims to play a major role in the mortgage market as it brings down barriers to home ownership, by providing liquidity, affordability, accessibility and stability to the housing market. Its vision is to be the dominant housing partner in Nigeria.