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The pioneer managing director and chief executive officer of the Nigerian Mortgage Refinance Company (NMRC), Charles Inyangete, has retired after four years in office the board and management of the company has announced.
The board in a statement obtained by BusinessDay on Monday explained that Inyangete, who had a robust and fruitful tenure as CEO, retired upon attainment of the mandatory retirement age of 60 years.
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.
NMRC was launched into the financial system by the Federal Government under former President Goodluck Jonathan four years ago as a response to the illiquidity and the high cost of funds in the mortgage system. It is a private sector-led initiative with public sector purpose of facilitating the provision of affordable housing for Nigerians.
During his tenure as the chief executive, Inyangete saw to the growth of the company from a 3-man start-up concern charged with the responsibility of launching unto the 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.
He is leaving behind a number of footprints including NMRC’s first mortgage-backed bond issuance in July 2015, the first of such outing in Africa as the first tranche of a N440 billion bond issuance programme backed by a conditional guarantee by 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 conformed to its uniform underwriting standards for the formal sector—another transformative product developed by NMRC under his watch.
The former chief executive led NMRC into partnerships with state governments and also advocated for a draft Model Mortgage and Foreclosure Law with the aim of evolving a robust housing market and enhanced home ownership that would not only benefit the citizenry, but also impact states’ internally generated revenues.
The company partnered with other key stakeholders in the housing industry, including Mortgage Banking Association of Nigeria (MBAN), Real Estate developers of Nigeria (REDAN), Federal Government Staff Housing Loans Board (FGSHLB) in addition to several transaction-driven agreements with major developers geared towards growing affordable housing supply around the country.
CHUKA UROKO
