Nigeria Mortgage Refinance Company (NMRC) plans to triple the size of its debt programme to N440 billion from N140 billion, the state-backed mortgage agency said on Monday.
Consequently, the mortgage agency seeks the approval of shareholders ahead of the annual general meeting scheduled for July this year.
The debt programme is expected to be raise through the issuance on non-convertible loans, notes bonds, and or any other instruments whether by way of public offering, private placement, book building process, reverse call enquiry, or any other method or combination of methods, in such tranches, series or proportions and at such dates, coupon or interest rates within such maturity periods and upon such terms and conditions as may be determined by the board of directors and subject to obtaining the requisite approvals of the regulatory authority.
Nigeria set up a mortgage-backed guarantee company in 2014, partly with World Bank aid, in an effort to boost lending through the creation of a secondary housing market, which is virtually non-existent in Africa’s most populous nation.
NMRC said the notes could be issued through non-convertible loans and bonds, either through public offering, private placement or a book-building process, it said in a notice to members.
