The Nigeria Mortgage Refinance Company (NMRC) has clinched the prestigious Best Affordable Housing Deal of the Year Award at the Africa Housing Awards 2024.
The recognition was a highlight of the glittering ceremony held at the Musa Yar’Adua Event Centre in Abuja recently.
NMRC’s landmark $228 million financing deal with the U.S. International Development Finance Corporation (DFC) was celebrated for its transformative impact on Nigeria’s housing and mortgage finance sector.
The groundbreaking transaction, facilitated in partnership with U.S.-based MiDA Advisors and Johannesburg-headquartered Standard Bank Group, combines a $200 million loan from DFC with $28 million sourced from local financial markets. This innovative blended finance solution is set to provide long-term liquidity to primary lending institutions, including commercial and mortgage banks, enabling them to refinance or pre-finance eligible mortgage loans for Nigerians.
The facility is expected to support the government’s efforts to address Nigeria’s significant housing deficit by creating access to affordable housing finance for low-income earners, the informal sector, and women. Approximately 20% of the loan will be allocated to informal and low-income borrowers, while 40% will go to mortgages underwritten to women borrowers or co-borrowers. This initiative is projected to impact over 6,000 households, significantly contributing to reducing the housing gap in the country.
Reacting to the win, NMRC Managing Director and CEO, Mr. Kehinde Ogundimu who was represented at the occasion, expressed gratitude to the organisers of the Africa Housing Awards for a credible process while thanking DFC and other stakeholders for their confidence in NMRC’s capacity to manage long-term facilities effectively.
“This transaction underscores NMRC’s pivotal role in Nigeria’s housing ecosystem. The focus on vulnerable groups, particularly low-income earners and women, aligns with our mission to drive equitable access to housing credit facilities. This award is a testament to our commitment to making homeownership a reality for more Nigerians,” Ogundimu said.
The evening also recognized other notable achievements in the housing sector. Mr. Ebilate Mac-Yoroki, President of the Mortgage Banking Association of Nigeria (MBAN), was named Mortgage Person of the Year for his leadership in advancing sustainable mortgage finance solutions and advocating for favorable regulatory frameworks. The Federal Mortgage Bank of Nigeria (FMBN) received the Best Housing Finance Solution Award, while Family Homes Funds Limited was celebrated for its innovative “Help to Own” initiative, earning the Mortgage Product of the Year Award.
Africa Housing Awards 2024 reinforced the critical role of collaboration, innovation, and visionary leadership in addressing Africa’s housing challenges.
The recognition of NMRC and other trailblazers highlighted the sector’s potential to transform lives and create sustainable development pathways for the continent.
