NMRC, FMDQ sign mou to fi­nance hous­ing sec­tor

Daily Trust - - PROPERTY - By Chris Agabi

Nige­ria Mort­gage Re­fi­nance Com­pany PLC (NMRC) has signed a Mem­o­ran­dum of Un­der­stand­ing (MoU)FMDQ OTC Se­cu­ri­ties Ex­change (FMDQ) to de­ploy in­ter­me­di­ate long-term fund from the cap­i­tal mar­ket for the pro­vi­sion of af­ford­able hous­ing.

The sign­ing cer­e­mony of the mou was held in Abuja at the of­fice of the NMRC.

Speak­ing dur­ing the event, the Man­ag­ing Di­rec­tor/ CEO MNRC, Prof. Inyangete Onadele said that the mou demon­strated NMRC’s com­mit­ment to deep­en­ing the debt cap­i­tal mar­ket.

Mr Onadele said: “The part­ner­ship will mark an es­sen­tial step to­wards the de­vel­op­ment of the Nige­rian hous­ing sec­tor through, among oth­ers, the in­tro­duc­tion and de­ploy­ment of ini­tia­tives aimed at launch­ing a range of mort­gage prod­ucts; the ar­tic­u­la­tion of strate­gies aimed at de­vel­op­ing the Nige­rian mort­gage in­dus­try through non-in­ter­est fi­nance; part­ner­ship on aware­ness pro­grammes, in­vestor/mar­ket ed­u­ca­tion and ca­pac­ity build­ing in Nige­ria; and the ex­pan­sion of list­ing op­por­tu­ni­ties for NMRC debt se­cu­ri­ties. These ini­tia­tives are geared to­wards en­gen­der­ing mar­ket con­fi­dence and al­low­ing NMRC to ef­fec­tively con­nect the Nige­rian mort­gage in­dus­try to the DCM; and col­lab­o­ra­tion on pric­ing method­ol­ogy, val­u­a­tion frame­work and in­dex de­vel­op­ment for mort­gage bonds.”

He said that FMDQ, in part­ner­ship with NMRC and other key stake­hold­ers, would en­gage in ini­tia­tives and cam­paigns to ed­u­cate the mar­ket on mort­gage-re­lated debt in­stru­ments such as Mort­gage-Backed Se­cu­ri­ties, Real Es­tate In­vest­ment Trusts, among oth­ers, in readi­ness for the hous­ing rev­o­lu­tion which the Nige­rian mar­ket was po­si­tioned to ex­pe­ri­ence.

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