NMRC, Kaduna agree on N3b mortgage scheme

Determined to create an enabling environment for affordable housing and mortgage creation, Nigeria Mortgage Refinance Company Plc (NMRC) has sealed a tripartite agreement with the Kaduna State Government (KDSG) and FHA Mortgage Bank that will boost the state’s mortgage scheme. The agreement is aimed at mortgage creation and refinancing at single digit with an initial mortgage interest blended rate investment of N3 billion.

The State Governor, Mallam Nasir El-Rufai, after signing the agreement appreciated the participating institutions for agreeing to work with the state in establishing the blended rate programme.He stated that the government had enacted the landlord and tenant law that encourages, empowers and protects property owners and investors, in addition to the creation of a Mortgage and Foreclosure Authority as well as the passing into law of the Mortgage and Foreclosure Law (MMFL) in Kaduna State.

The Senior Special Adviser and Counsellor to the State Governor, Mr. Jimi Lawal, said the creation of the initiative is premised on Kaduna State’s successful strides in driving institutional and policy reforms to enable investment in housing finance.

NMRC Managing Director, Mr. Kehinde Ogundimu commended the governor for leading the housing finance transformation, promoting the ease of doing business and ensuring mortgage friendliness.

According to him, the creation of the blended financing initiative represents NMRC’s value preposition under the World Bank’s sponsored housing finance strategy. “It aimed at removing barriers to housing finance and promoting the creation of an enabling environment for housing development and mortgage creation across States in Nigeria through the adoption and passage of NMRC’s proposed MMF,” he said.