NIGERIA MORTGAGE REFINANCE COMPANY

Mortgage Digest

Vol. 1 No. 3 March 2017

Message from the MD/CEO

This edition of the Newsletter h e r a l d s a l a n d m a r k achievement for NMRC, the launch of a first of its kind technology innovation for the ent i re hous ing market ecosystem – the Mortgage

thMarket System (MMS) on 17 F e b r u a r y , 2 0 1 7 .

Contd. Pg. 2

NMRC Signs Landmark MoU with Kaduna State Government

Deputy Governor of Kaduna State–Bala Bantax ( in white) and the rest of the Team

The Nigeria Mortgage Refinance Company (NMRC) and Kaduna State Government (KDSG) recently signed a Memorandum of Understanding aimed at growing the housing opportunities in the State. This is to be achieved through the institution of a strong investment climate for affordable home ownership for citizens via the adoption and passage of the Model Mortgage and Foreclosure Law (MMFL).

Contd. Pp. 2&3

NMRC Signs Landmark MOU with KadunaPg 1

Refinancing Updates

Pg 4

Technical/Market UpdatesPp 5, 6 & 7

Partnerships Updates

Pp 8 & 9

CSR @ NMRC

Pg 10

Upcoming Events

Pg 11

The MMS is a housing (mortgage) market technology infrastructure that supports an end-to-end solution for the housing finance market in Nigeria.

NMRC’s MMS integrates the financing of the key components of the entire housing value chain from construction finance, to primary mortgage origination and administration through to the secondary mortgage market refinancing.The MMS will improve the quality of housing market information by providing more transparent and reliable data for a stable and resilient housing market.

The Agreement, among other terms of reference encompasses collaboration to actualise the government’s planned Millennium City Project, designed to provide approx. 20,000 affordable houses for its civil servants and some private sector consumers.

In another init iat ive that

compliments the MMS, the

NMRC in collaboration with the

Central Bank of Nigeria (CBN),

the National Bureau of Statistics

(NBS), the Mortgage Bankers

Association of Nigeria (MBAN),

and the Federal Mortgage Bank

o f N i g e r i a ( F M B N ) h a v e

developed a Housing Market

Information Portal (HMIP) to

serve as an authoritative

primary source of data and

repository of real estate market

information in Nigeria.

The prevailing macro-economic environment characterized by high interest rate amidst high inflation present a formidable challenge for NMRC’s core business of refinancing.In response to this adverse impact of high interest rate, NMRC is close to completing arrangements and securing approval for the issue of a non-interest bond (sukuk).

The sukuk signals NMRC’s commitment to delivering on its business pillar of inclusion as it seeks to broaden the range of mortgage refinancing products t o i n c l u d e n o n - i n t e r e s t mortgages. Lotus Capital is the lead adviser for the sukuk transaction and we are currently completing our review of a portfolio in the region of N2bn from one of our member banks – Sterling Bank.

We also announce further p r o g r e s s t o w a r d s t h e conclusion of an unconventional refinancing of a non-bank member institution through the

N13bn Federal Government Staff Housing Loans Board ( F G S H L B ) f o l l o w i n g t h e guarantee of the Accountant General of the Federation for the full sum of N13bn.

We await the concurrence of the

Debt Management Office (DMO)

to proceed for approval for bond

issuance from the Securities

and Exchange Commission

(SEC).

In our complex and risk-laden

business environment NMRC

has placed a great deal of focus

on building an adaptive and

c o m p r e h e n s i v e r i s k

management framework. We

a p p r o a c h r i s k w i t h a n

acknowledgement of its subtle,

pervasive, and persistently

shifting nature and have evolved

a menu of tools to track and

monitor its impact on our

business. The deterioration in

the quality of the banking sector

a s s e t s u n d e r s c o r e s t h e

importance of maintaining a

low-risk appetite while adopting

a pre-emptive risk management

strategy for NMRC.

In this issue of the NMRC Newsletter we report amongst others the s ign ing o f a Memorandum of Understanding with Kaduna State, partnerships with Lagos State affordable housing programme as well as Ogun State Property Investment Company (OPIC) and our second round of equity raise.

The Newsletter is revamped to provide technical and market updates.

02

Message from the MD/CEO (contd...) NMRC Signs Landmark MoU with Kaduna State Government (contd...)

KDSG had proposed that NMRC, in concert with one of its member mortgage lending institutions provides refinancing funds at negotiated market rates, to match the state’s own subsidized funds to ultimately achieve single digit interest rates, to achieve the purpose of mortgage affordability for its citizens.

NMRC has committed to the refinancing of UUS (Uniform U n d e r w r i t i n g S t a n d a r d s ) compl iant mortgages , to support the state government in this and similar efforts with their developers – ensuring that approved developers would get the returns on their investments to enable them provide more affordable housing.

Adoption of the draft MMFL was positioned as being critical to the unleashing the economic potentials across the housing value chain in the state. The state government has since adapted this into a Kaduna State Mortgages and Foreclosure Bill to be scaled up to the state legislature for passage.

The agreement was executed at Government House by the Kaduna State, on the part of the state government by the Deputy Governor, Architect Bala Bantex with the express mandate of the Executive Governor of the State, HE Mallam Nasir El-Rufai.

NMRC Managing Director/Chief Executive, Professor Charles Inyangete thanked the state government and the key stakeholders that made the partnership a reality.

Continued on next page

03

On Friday February 10 at a well attended event in Lagos NMRC launched its ground-breaking mortgage Market Management System (MMS) to the general public. In attendance were senior level representatives of key regulatory and financial services sector players like the Central Bank of Nigeria, FSS 2020, NMRC Member banks, as well as the media.

Professor Inyangete restated N M R C ’ s c o m m i t m e n t t o supporting the people and government of Kaduna State in working together to break downthe encumbrances to mortgage and home ownership in the state.

A S t e e r i n g C o m m i t t e e comprising representatives of the NMRC and the Kaduna State government was immediately inaugurated to administer the execution of the terms of the Agreement.

NMRC Signs Landmark MoU with Kaduna State Government (contd...)

NMRC Launches Innovative Mortgage Market System

By enabling the seamless integration of all stakeholders and their business processes and system the new MMS is arguably the most advanced mortgage origination and refinancing system in the world.

Dr. Chika Akporji, Executive Director, Corporate Strategy and Partnerships, added that the M M S i s p a r t o f N M R C ’ s

NMRC Successfully Concludes Second Round of Equity Raise

N M R C h a s s u c c e s s f u l l y expanded its mortgage lending partnership programme with the inclusion of six (6) additional shareholders with paid up commitments.

These new partners include:

1. Brent Mortgage Bank

2. FBN Mortgages Limited 3. Gateway Savings and Loans 4. Omoluabi Mortgage Bank Plc 5. Lagos Building & Investment

Company Limited

6. Delta State Trust Mortgage Bank

The MMS is an end-to-end solution which integrates the entire housing ecosystem value chain, from land and titling to Construction finance, to primary mortgage origination and administration to Secondary mortgage market refinancing.

NMRC’s MD/CEO, Professor Charles Inyangete, chief host at the public launch said that the MMS signals NMRC’s drive to remain on the cutting-edge ofmarket innovation to promote home ownership in Nigeria.

By adopting a value chain approach to its operations NMRC works to enhance standardization of processes and the efficiency of systems a n d p r o c e s s e s o f a l l stakeholders in the market.

continuing contribution towards the growth and deepening of the mortgage market in Nigeria.

It has already standardized the process of mortgage origination and administration through the publication of its ground-breaking Uniform Underwriting Standards. Enhancing the efficiency of systems and processes means reducing cumbersome processes and passing on costs reduction to the consumer, thereby making housing more affordable.

The Project Lead, Mr. Taofeeq Olatinwo, revealed that aside from market integration, the MMS platform would enhance cost and operational efficiency and effectiveness throughout the value chain by improving turnaround times for mortgage processing and documentation.

Phillip Slein. CEO, Revodoc Software Developers.

04

NMRC Records Significant Increase in Profitability

NMRC recorded significant increase in its profitability, which came up to N482 million in 2015 as against N160 million in 2014.The nation’s leading and foremost mortgage Refinance Company also recorded total assets of N39.01 billion in 2015 against N10.6 billion in 2014.

These were the highlights of performance results presented to shareholders at NMRC’s 2nd Annual General Meeting, which

thheld in Lagos on the 18 of October , 2016 . Company shareholders approved all the proposals put forward by its Board of Directors at the AGM.

NMRC Chairman, Dr. Charles Okeahalam commended the i m p r o v e m e n t i n t h e performance of the company,

adding, “We are very pleased with the achievements of the management, led by the Chief ;Executive the effort they have made in the difficult socio-economic environment Nigeria h a s p r e s e n t l y . ”

In his remarks NMRC’s MD/CEO Professor Charles Inyangete s t a t e d t h a t d e s p i t e t h e headwinds confronting the housing sector in Nigeria, the Company would continue to explore opportunities presented by its access to long-term funding from the Capital market to drive its mandate and ultimately reverse the widening housing deficit, while ensuring superior performance and returns to investors and stakeholders.

REFINANCING UPDATES

FGN and NMRC Launch N13 Bn Mortgage Refinancing Scheme for Civil Servants

thOn 9 of December 2016 the F e d e r a l G o v e r n m e n t inaugurated a N13bn mortgage refinancing scheme for federal civil servants, to be executed in partnership with NMRC .

Minister of Finance, Mrs. Kemi Adeosun, while launching the scheme stated that a total of 5,635 Civil Servants would benefit from it under the first phase. “The Federal Civil Service workforce play an important role in nurturing and developing our nation so it is only fair that those who serve the country can be afforded the opportunity of owning their own home by retirement.”

The Minister said the N13 billion mortgage refinance investment commitment by the NMRC is coming on the heels of its N8 billion initial bond issuance, the proceeds of which have been fully utilised in refinancing the mortgages of its member banks. This should further signal to investors at home and abroad that there are significant opportunities in the Nigerian Housing Sector.

Continued on next page

NMRC Holds Its 2nd Annual General Meeting: Reports Profit of N482 Million in 2015

05

She described the scheme as a ground-breaking collaboration steered by the Office of the

New Mortgage Refinance Prospects

NMRC is currently reviewing prospective portfolios for refinancing effective first quarter 2017 hinged on various transactions involving the Federal Government Staff Housing Loans Board, Federal Integrated Staff Housing Programme and Family Homes Fund approximating N25 bn.

These are in addition to the prospect ive port fo l io of mortgages currently under review from NMRC’s mortgage lending partners including Access Bank , Homebase Mortgage Bank and New Prudential, and some of the new member banks like Gateway S a v i n g s a n d L o a n s a n d Omoluabi Bank.

FGN and NMRC Launch N13 Bn Mortgage Refinancing Scheme for Civil Servants (contd...)

Loans Board, and t h e N M R C In his response NMRC MD/CEO Prof . Char les Inyangete said t h a t t h e company would c o n t i n u e t o liquidity to the housing market. He added that given the huge provide liquidity to the housing m a r k e t . H e added that given t h e h u g e

Minister of Finance, Mrs. Kemi Adeosun

Head of Civil Service of the F e d e r a t i o n , t h e F e d e r a l Government Staff Housing

An Affordable Housing Project in Lagos

h o u s i n g d e f i c i t i n t h ecountry, there is need for those involved in housing delivery to come up with affordable homes for the people.

06

TECHNICAL/MORTGAGE MARKET BRIEFS:

The Central Bank retained its

key benchmark rate at 14% at its

January 2017 MPC meeting; The

Committee however expressed

its readiness to loosen its

restrictive monetary policy

stance given the need to spur

growth and waning inflationary

pressures.

91days

182days

364days

13.65%

17.20%

18.4965%

Current Open Buy-Back (OBB)and overnight rates closed at 16% and 18% respectively as the money market continued to witness tight liquidity compared to 8% and 10% at the start of the year.

Treasury Bill discounts remained around December 2016 levels

Fx Market

The Central Bank issued revised guidelines and directives for act iv i t ies in the fore ign exchange market during the period; in a bid to improve liquidity and achieve a stable verifiable exchange rate. Key highlights include:

· That the Bank would begin the implementation of its program to clear all the unfilled FX demands in the interbank market and ensure

adequate liquidity necessary for an efficient FX market.

· A u t h o r i z a t i o n o f t h e commercial banks to open FX retail outlets at various airport.

· Authorization of Banks to open Teller points for retail FX transact ions at a l l locations.

· R e m o v a l o f t h e F X allocation/utilization rule for CBN interventions.

· Provision of addit ional Foreign Exchange funding to commercial banks which will

with discounts ranging from 13.00% to 18.25%. Stop rates for the latest Treasury Bill auction (March 1, 2017) were: The Central Bank cont inued i ts OMO interventions to mop up excess liquidity within the system, the Bank conducted 5 OMO sessions within the first 9 days of March 2017.

be sold at a rate not exceeding 20% of the inter-bank market rate.

· P r o c e s s i n g o f t r a v e l allowances within 24hours o f a p p l i c a t i o n a n d processing of school fees and medical bills within 48hours.

The apex bank has sold over

$1billion since the review of its

FX strategy. The release and

implementation of the revised

guidelines resulted in an

appreciable improvement in the

exchange rate at the parallel

market with the currency

trading at $/N465; after crossing

the $/N500 levels prior to the

release.

The exchange rate however

remained stable at the CBN

interbank market trading

around a band of $/N305-$/315,

w h i l e t h e C e n t r a l B a n k

continued its daily intervention

of $1.5million.

Foreign reserves have also

witnessed significant accretion

from the turn of the year

standing at $29.96 compared

$25.84bn as the end of 2016, the

reserves have largely been

boosted by increasing local

crude oil production volumes

and improved oil prices.

January 2017 headline CPI rose

marginally by 0.1% to close at

18.7% compared to 18.6% as at

December 2016. Month on

month numbers continue to see

deceleration dropping from

1.2% in December 2016 to 1.0%

in January 2017.

In terms of sub components

food inflation increased from

17.4% to 17.8%, while core

Inflation

Continued on next page

Interest Rates

07

inflation fell to 17.9% from 18.1%

expected that the high base

effect from elevated prices in

2016 will likely diminish the pace

of year on year increase in the

price index.

The successful implementation

of agreed production cuts by

members and non-members of

OPEC has kept oil prices over

the $50 mark for most of 2017,

with Brent crude pr ices

dropping slightly from $56.82 at

the start of the year to $53.53,

a l t h o u g h t h e d r o p w a s

a t t r i b u t e d t o m o u n t i n g

concerns over a global supply

glut especially with rising US

inventories.

Domestically, oil production

volumes which had grown to

w i t h i n f l a t i o n i n d u c e d

consumption demand, an

increase in pipeline vandalism,

significantly reduced foreign

reserves, a weaker currency,

and problems in the energy

sector such as fuel shortage and

lower electricity generation.

For 2016, GDP contracted by

–1.51%, with the country battling

w i t h i n f l a t i o n i n d u c e d

consumption demand, an

increase in pipeline vandalism,

significantly reduced foreign

reserves, a weaker currency,

and problems in the energy

sector such as fuel shortage and

lower electricity generation.

Eurobond Issue/Enhanced

Investor Confidence:

The Federal Government has

completed the sales of its dollar

denominated $1 billion euro

bonds at a yield of 7.88%. The

offer was almost 8 times

oversubscribed, as investors bid

over $7.8 billion for the 15-year

bonds. This demonstrated

strong market appetite for

Nigeria. Other Macro Indicators

Q4 2016 GDP contracted by-

1.3%, This decline was less

severe than the decl ine

recorded in the previous

quarter, of –2.24%, but remains

substantially lower than the

growth recorded in Q4 2015, of

2.11%.

For 2016, GDP contracted by

–1.51%, with the country battling

over 2.1million bpd suffered a

setback as Shell Nigeria closed

its 225,00 bpd Bonga facility for

maintenance with production

likely to remain shut in until later

in April 2017.

Oil Prices

This is despite continued

volatility in emerging and

frontier markets and shows

confidence by the international

investment community in

Nigeria’s and these funds will

boost and revive the economy. thThe bond will mature on 16

February 2023 with a bullet

repayment of the principal with

08

T h e N a t i o n a l B u r e a u o f

Statistics (NBS) released its

quarterly report on Nigeria GDP

the bond has been listed on the

Nigeria Stock Exchange and the

FMDQ-OTC.

Rating by Fitch and Co:

The International rating agency,

Fitch Ratings revised the

outlook on Nigeria’s long-term

foreign and local currency issuer

ratings to negative from stable,

putting it at ‘B+’. By this, Fitch is

telling international investors

that the country’s debt offer is

subject to speculations and

m o v i n g t o w a r d s n o n -

investment grade.

accounted for 7.15% of GDP

compared to 8.06% the year

before).

NBS also noted a decrease of

0.33% after being flat in the

previous per iod (0 .03%) .

Production continued to fall for

real estate (-9.27% from -

7.37%), manufacturing (-2.54%

from -4.38% in the third

quarter); construction (-6.03%

from -6.13 %), trade (-1.44%

from -1.38%) and electricity,

gas and air conditioning supply

(-5.16% from -6.68 %). In

addition, output rose less for

agriculture (4.03% compared to

4.54%).

Nigeria's GDP Annual Growth Rate (NBS/CBN)

Nigeria Economy Contracts

1.3% in Q4:

which showed that it shrank

1.3% year-on-year in the fourth

quarter of 2016, following a

2.24% decline in the previous

quarter. It was the fourth

c o n s e c u t i v e q u a r t e r o f

contraction (considering full

2016, the economy contracted

1.5%, following a 2.8% growth in

2 0 1 5 , t h e f i r s t a n n u a l

contraction in 25 years).

The oil sector declined 12.38%

year-on-year , fol lowing a

22.01% drop in the previous

period and marking the fourth

consecutive quarter of falls in

the oil sector. The country

produced 1.9 million barrels per

day, down from 2.16 mbpd a

year earlier, hurt by lower oil

prices (the oil sector

Graph

On Tuesday, 07 March, the

Federal Ministry of Budget and

National Planning launched an

Economic Recovery and Growth

Plan (ERGP) as framework for

FGN’s intervention in the

e c o n o m y t o i m p l e m e n t

structural and macroeconomic

reforms to stimulate real sector

a c t i v i t i e s a n d e n h a n c e

economic growth.

The structural reforms are

intended to result in substantial

increases in public and private

investment – especially in

sectors with comparative and

competitive advantages; reduce

obstacles and costs to doing

business; privatize selected

public enterprises; fast track the

provision for high-qual ity

infrastructure and promote

social inclusion.

The ERGP also seeks to promote

non-oil exports through the

zero-oil plan and use trade policy

tools to tackle dumping and

balance of payments crises to

raise non-oil exports as a ratio of

total exports from 7.5% to 15%

by 2020.

It anticipates a strong annual GDP growth rate of 4.62% between 2017 to 2020, driven by strong non-oil sector growth (7.28% by 2020) and steady expansion of the agriculture, manufacturing and services sectors, all occurring within a stable macroeconomic regime characterized by low inflation, s t a b l e e x c h a n g e r a t e s , sustainable fiscal and external b a l a n c e s a n d i m p r o v e d e m p l o y m e n t r a t e s .

FGN Releases its Economic Recovery and Growth Plan

Anticipated oil and gas reforms needed to boost petroleum sector activities are expected tobe facilitated by the passage of the Petroleum Industry Reform Bill, reduction of government s take in o i l assets , the conclusion of joint venture (JV) cash call arrangements along with the implementation of a new cost recovery funding mechanism for JVs and the engagement with stakeholders in the Niger Delta to achieve lasting peace and the cessation of attacks on oil and gas facilities. Monetary author it ies are expected to enhance supply of credit to the private sector at affordable lending rates and min imum other charges ; encourage banks to improve capital adequacy and assist banks with reducing non-performing loans in the banking system via aggressive debt recovery.

Given that the medium term framework is largely oil-revenue d e p e n d e n t , a v e n u e s f o r improvement in public sector finances include: growth in crude oil price benchmark from USD42.50 a barrel in 2017 to USD52.0 a barrel in 2020; increase in crude oil production from 2.2 million barrels per day in 2017 to 2.5 million barrels per day in 2022 as challenges in the Niger Delta are resolved and investments in the oil and gas sector increases.

Also, the public sector intends to increase the tax base by raising

09

the Value Added Tax (VAT) rate for luxury items from 5% to 15%beginning from 2018, improving Company Income Tax (CIT) & VAT compliance and facilitating the t r a n s f o r m a t i o n a n d modernization of the Nigerian Custom Service through a 2-3 y e a r s t r a t e g i c p l a n . Subsequently, tax to GDP ratio is expected to increase from 6% to 15% during the period.

On the quality of spending, the government intends to improve the budget preparation and execution process, increase allocation to capital projects with a view to attaining a ratio of CAPEX to total budget of 30% to 35%. Investments in social infrastructure would get a boost t h u s b e n e f i t i n g t h e manufacturing sector for which an average annual growth rate o f 8 . 4 8 % i s p r o j e c t e d .

The strategy also includes rebalancing the proportion of domestic to foreign debt from 84:16 in 2016 to 60:40 by 2020 while keeping the fiscal deficit at an average of about 1.6% of GDP, i n l i n e w i t h t h e F i s c a l Responsibility Act, but declining to 1.1% by 2020.

10

PARTNERSHIPS UPDATES:

OPIC Partners NMRC on

New Mortgage Scheme

The Ogun State Property and Investment Corporation (OPIC) plans to roll out a mortgage scheme that will enable aspiring home owners to purchase homes with ease.

NMRC received two awards at th

the 12 Edition of the mortgage

Sub-Sector CEO’s Annual

Retreat organised by the

Mortgage Banking Association

of Nigeria (MBAN) in Abuja

December 2016. One of the

awards was to the company for

Under the proposed mortgage s c h e m e , O P I C p l a n s t o incorporate three mortgage banks, Lafarge Holcim and private developers to execute the scheme with mortgages to be refinanced by NMRC. The first phase of the mortgage scheme will target 400 housing unit in the New Makun City.

NMRC has been tasked with the responsibility of financing middle and affordable housing through technology based methods to ensure homes are delivered at more affordable prices, thereby relieving citizens of the hardship of home ownership.

OPIC’s Managing Director, Mr. Babajide Odusolu requested NMRC’s refinancing support to encourage developers to build more houses via a robust mortgage policy design. He added that opportunities now abound for average income earners to own houses through a special mortgage scheme designed to fulfill a key cardinal o b j e c t i v e o f c u r r e n t administration.

NMRC MD/CEO Prof Charles Inyangete, in his remarks at the l a u n c h e x p r e s s e d t h e commitment of the company in working with OPIC and other partners to address the dearth of affordable housing and to r e f i n a n c i n g c o m p l i a n t mortgages created as a result.

its excellent performance in the mortgage industry and the other was for Dr. Chii Akporji for her continuous contribution to the growth of the mortgage sector.

NMRC was honoured to receive this award for outstanding performance in the industry. In his remarks, NMRC MD/CEO,

represented by his Special Assistant, Mr. Ini-Odu Akpan said: “We are proud of our services and continually strive to deliver exceptional services to our member Banks. We want to build a mortgage market that’s understood with a clear structure; a mortgage market that is technology-driven, that provides access to the people, a mortgage market that will allow people to understand what mortgage is all about, the r e s p o n s i b i l i t y o f h o m e ownership.”

President of the MBAN Dr. Femi

Johnson called on the federal

authorities to further create an

enabling environment for

mortgage banking through the

provision of an intervention

fund. MBAN is also seeking the

r e v i e w o f t h e s t r i n g e n t

regulatory conditions.The Mortgage Sector has successfully advocated for the amendment of the Pension Act to enable individuals withdraw from their Retirement Saving Accounts for equity down p a y m e n t o n e q u i t y contributions.

NMRC Recognised by MBAN

NMRC was a key participant at t h e F i r s t E n u g u S t a t e H o u s i n g / R e a l E s t a t e Development Forum, which held November last year under the aegis of the Enugu Chamber of C o m m e r c e a n d I n d u s t r y (ECCIMA), in collaboration with Real Estate Development Association of Nigeria (REDAN).

NMRC at the First Enugu State Housing/Real Estate Development Forum

Workshop on the Federal Integrated Staff Housing Programme (FISH)

The Forum was a platform for

key stakeholders to brainstorm

o n s o l u t i o n s a n d

recommendations to the dearth

of affordable housing supply in

Enugu state and the south-east

in general.

NMRC was represented at the

event by the Executive Director

for Policy Corporate Strategy

and Partnerships, Dr. Chii Akporji

who presented a paper on the

need for a more structured

approach to the challenges of

affordable housing delivery in

FISH is a federal government-

driven intervention in the

housing sector designed to

provide affordable housing for

civil servants, especially core

civil servants.

According to Mr. Yemi Adelakun,

Permanent Secretary in the

Office of the Head of Civil

Service of the Federation and

Chairman of the FISH Technical

Implementation Committee, the

federal service comprises

900,000 public servants, of

which about 130,000 are core

civil servants while others are

Public servants (Police/Army).

The number of housing units needed for civil servants per annum is estimated at approx. 70,000, whereas only 2,000 housing units have been provided. FISH was therefore conceived to close the gaps in housing supply - a vehicle to deliver houses.

A F I S H T e c h n i c a l Implementation Committee c o m p r i s i n g s e n i o r l e v e l representatives from across the Ministries was set up by the

Head of Service, Mrs. Winifred O y o - I t a t o o v e r s e e execution and has been working with key players in the mortgage and housing sector to achieve this.

N M R C w a s r e c e n t l y inducted as a member of this committee and has so far helped in modelling a financing plan for the programme. Speaking at the workshop,

NMRC was also a key participant at the inaugural workshop organized by the FISH Technical Committee, held late January t h i s y e a r t o e d u c a t e stakeholders and the general public on the programme.

11

the state, under a potential

Enugu State Affordable Housing

programme, while promoting

NMRC’s activities. This would

enable a more holistic, inclusive

approach to addressing the

issues and efficiently connect all

the players and partners in the

value chain. President of

ECCIMA, Rev. Surveyor Ugo

Chime who is also national

President of the Real Estate

Development Association of

Nigeria (REDAN) called for

unified action on the part of all

stakeholders towards not only in

improving housing delivery but

also creating employment in the

state and Nigeria.

Continued on next page

12

NMRC’s Executive Director for Policy Corporate Strategy and Partnerships, Dr. Chii Akporji reiterated the organization's continued commitment to the programme through working with its member banks to ensure provision of affordable mortgages and refinancing to provide an exit strategy for developers to enable them provide more housing.

The Head of Service, Mrs. Winifred Oyo-Ita announced that the Federal Government has already committed over N30

Workshop on the Federal Integrated Staff Housing Programme (FISH) (contd...)

billion for the execution of the programme. She said over 23,000 civil servants have a l r e a d y k e y e d i n t o t h e programme, and approved developers had been allocated land for supply in parts of the Federal Capital Territory (FCT) and other priority states like Lagos and Kaduna.

In the FCT one of the approved developers, American Building Systems International (ABSI) has begun work on the delivery of 1000 housing units at Apo; the ground breaking ceremony was

Mrs. Winifred Ekanem Oyo-Ita, FCA

Head Of The Civil Service Of The Federation

p e r f o r m e d b y P r e s i d e n t Muhammadu Buhari. Other developers like Brains and Hammers have also begun work on sites in Kuje, while allocation of houses has already begun. Highlight of the workshop was the allocation of houses to some randomly selected civil servants who had applied under the scheme.

… affordable housingNMRC

In keeping with its core values of Inclusion NMRC focused its Corporate Social Responsibility Project (CSR) for 2016 on empowering the community of

Internally Displaced Persons (IDPs) located at the Nelson Mandela Internally Displaced persons Camp at Games Village, Abuja.

On December 9, 2016 an NMRC team led by MD/CEO Professor Charles Inyangete NMRC visited t h e C a m p t o f o r m a l l y commission a borehole and donate large food items to the IDPs.

The entire in it iat ive was spearheaded by two staffChiamaka Udeh and Doyinsola Odumosu who negotiated with

Camp Directors over several

weeks on the construction of

t h e b o r e h o l e . T h e I D P s

expressed their delight with the

camp thanked the NMRC team

for their support to the camp,

saying it is timely as water

hitherto remained a major

challenge in the camp. She

assured that the borehole will be

properly utilised.

Following an assessment tour of

the entire Camp Professor

Inyangete assured of an ongoing

partnership with the Camp, and

that NMRC will look into other

areas of critical need for the

dwel lers with a v iew to

supporting with amelioration

and other poverty alleviation

efforts.

fact that they now

h a v e r e g u l a r

access to water, in

contrast to the

dried up well with

which they had to

c o n t e n d

previously. Lynette

Johnson, the coordinator of the

skills acquisition centre of the

Photo News:

CSR @ NMRC – Borehole Provision for IDPs at Games Village, Abuja

13

UPCOMING EVENTS:

IHFP-International Housing Finance Programme,

Corporate Council on AfricaUS-Africa Business Summit

From 13th to 16th of June 2017 the Corporate Council on Africa (CCA) will convene business and

thgovernment leaders at its 11 biennial U.S.-Africa Business Summit in Washington, DC.2017 Summit will be one of the first opportunities for the U.S. and African private sector to engage with the new U.S. administration and U.S. agency appointees.

Venue: Washington, DC | Omni

Shoreham Hotel

Dates: June 13-16, 2017

The annual Abuja Housing Show is a unique one stop-shop for housing sector stakeholders to network, present new products, i n n o v a t i v e s e r v i c e s & technology, exchange ideas & proffer solutions to housing problems.

Venue: International Conference

Center, Abuja

Dates: July 17-19, 2017

11th Abuja Housing Show

14

Managing Editor-Dr. Chii Akporji

Editor-Abel Owotemu

Production-Chiamaka Udeh

Production Team

The need for objective and analytical education in housing finance has never been greater. M a n y c o u n t r i e s a r e transforming their housing finance systems but the global credit cr is is has created uncertainty. Both policy makers and private practitioners need cutting-edge information on the sector. This program addresses that need by providing an intensive period of education in p o l i c y i n n o v a t i o n s , a n d institutional, financial, and managerial aspects of housing finance.

Venue: U-Penn—Wharton, Philadelphia,

PA, USA

Dates: June 5-15, 2017

NMRC Launches The World�s Most Advanced

Mortgage Market System�MMS�