Nigeria Mortgage Refinance Lists 10 Billion Naira Bonds on FMDQ

By Chuks Emele

Nigerian Mortgage Refinance Company Plc, set up by the government to help boost access to housing credit, listed 10 billion naira of fixed rate bonds on the FMDQ exchange.

The bonds are part of the company’s  440 billion naira debt issuance plan to help raise long-term funding for the mortgage industry.

“The proceeds of the issue would be
used to refinance existing and conforming mortgage loans,” Kehinde Ogundimu, the chief executive officer, said at the listing event on Thursday.

Currently prevailing low interest rates will result in lower lending rates and result in lower housing costs ultimately,  he said.

Other companies, whose securities were listed on the FMDQ platform this January include Total Nigeria Plc, Valency Agro Nig. Ltd., Mixta Real Estate Plc and Flour Mills of Nigeria Plc.

Nigeria’s real estate industry was suffered the twin impact of the coronavirus pandemic, with access to credit for developers and homeowners a key challenge.