FMDQ Securities Exchange Limited has given the green light for Nigeria Mortgage Refinance Company Plc to list an N11.50 billion bond on its platform. The 10-year fixed rate security carries a coupon of 17.25 percent and falls under NMRC's N440 billion Medium Term Note Programme.
The listing represents a significant moment for Nigeria's housing finance sector. It underscores FMDQ's role in driving long-term capital formation across the economy.
NMRC was incorporated in 2013 and started operations the following year. It operates as a licensed mortgage refinancing institution under CBN regulation.
Since launching, the company has served as the apex liquidity provider for Nigeria's mortgage market. It funds primary mortgage lenders and pushes for affordable homeownership countrywide.
Stanbic IBTC Capital Limited sponsored the bond issuance as Registration Member. Money raised will boost NMRC's refinancing capacity.
NMRC plans to use the proceeds to expand operations and strengthen lending to primary mortgage lenders. Government housing goals of improving accessibility and affordability for all income groups will also benefit.
Kehinde Ogundimu, Managing Director of NMRC, expressed satisfaction with investor reception. "We're pleased with the strong response to our Series 1 Bond issuance," he told investors in a statement.
Ogundimu noted the listing will enable further support to mortgage lenders. It advances NMRC's core mission of expanding affordable housing finance access, he added.
Oladele Sotubo, Chief Executive at Stanbic IBTC Capital, praised the transaction's execution. "The strong oversubscription reflects robust investor appetite for quality credit in Nigeria's debt markets," Sotubo remarked.
He highlighted his firm's role as sole issuing house and bookrunner. According to him, the successful issuance demonstrates Stanbic IBTC Capital's commitment to helping issuers access long-term funding.
Tumi Sekoni, Group Chief Operating Officer at FMDQ Group Plc, viewed the listing differently. She saw it as proof of Nigeria's deepening debt capital market.
Long-tenor fixed income securities matter for mobilising capital in strategic sectors, Sekoni noted. Housing finance remains central to inclusive economic development, she emphasized.
NMRC's presence on FMDQ Exchange reinforces the platform's commitment to transparency and efficiency. It connects issuers with investors and promotes sustainable economic growth, Sekoni concluded.
