What loan seekers need to know about FMBN and NMRC – Businessday NG

One of the frequently asked questions by mortgage loan seekers in Nigeria is what differences and similarities exist between the Federal Mortgage Bank of Nigeria (FMBN) and the Nigerian Mortgage Refinance Company (NMRC) as secondary mortgage institutions and housing loan providers.

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When the Federal Mortgage Bank of Nigeria (FMBN) was set up over three decades ago, the aim was for it to meet the housing needs of all Nigerian citizens. Initially, the bank was given the. Workers contributes N2b to FMBN monthly – Kaigama

NMRC uses the long-term funds that it raises from its bond issues to purchase loans that mortgage and commercial banks give to working Nigerians. The implication is that, instead of waiting to recoup the loans through monthly payments over periods that may range from ten to 15 years, NMRC ensures they get the full value of the loans after six.

Managing Director, Federal Motgage Bank of Nigeria (FMBN), Ahmed Dangiwa has disclosed that the bank’s National Housing Fund- the individual mortgage loans granted at 6 per cent interest.

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The Nigeria Mortgage Refinance Company (NMRC) has refinanced mortgage loans totaling N18billion as at December 2018. This is in line with the company’s mandate to promote affordable home ownership in the country by leveraging funding from the capital market

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MORTGAGE FINANCING IN NIGERIA: ISSUES AND CHALLENGES BY CHIEF (DR.) J.O. SANUSI, CON GOVERNOR, CENTRAL BANK OF NIGERIA Being Text of a Paper Presented at the 9th John Wood Ekpenyong Memorial Lecture, Organized by the Nigerian Institution of Estate Surveyors and Valuers, January 29, 2003

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