By Emma Ujah, Abuja Bureau Chief
A new Managing Director has been appointed for the Nigeria Mortgage Refinance Company (NMRC). He is Mr. Kehinde Ogundimu.
The appointment of Mr. Ogundimu, who is the Chief Finance Officer, (CFO) is in acting capacity.
He was appointed following the retirement of the pioneer MD, Prof. Charles Inyangete having attained the mandatory retirement age of 60 years.
Prof. Inyangete was at the helm of affairs for three and a half years.
Professor Inyangete joined the company in November 2014, following the incorporation of NMRC as a key component of the Nigeria Housing Finance Programme (NHFP) funded under a US$300 million IDA Facility from the World Bank Group.
During his tenure he saw the growth of the company from a 3-man start up charged with launching unto a nascent and very challenging Nigerian Mortgage market with a clear mandate to grow the primary and secondary mortgage markets and promote home ownership in Nigeria to one which has made significant strides in the industry and recognised as a sector leader.
He superintended over NMRC’s first mortgage-backed bond issuance in July 2015, which was the first of a N440 billion bond issuance programme backed by a conditional guarantee of the federal government.
The N8 billion raised from that exercise was deployed to the refinancing of legacy and new mortgages of NMRC member banks that conform to NMRC’s uniform underwriting standards for the formal sector.
.Professor Inyangete was a proponent of the value chain approach to tacking the challenges facing a market comprising multi-faceted and complex operators, systems and processes along a supply and demand continuum.