FMDQ Securities Exchange Limited, on Monday announced approval for the listing of ₦11.50 billion 10-year 17.25% Series 1 Fixed Rate Bond on behalf of Nigeria Mortgage Refinance Company Plc (NMRC) under its ₦440 billion Medium Term Note Programme.
Proceeds from the Bond issuance, sponsored by Stanbic IBTC Capital Limited, Registration Member (Listings) of FMDQ Exchange, will be used to expand NMRC’s refinancing operations, strengthen its lending capacity to primary mortgage lenders, and advance the Federal Government’s strategic agenda of improving housing accessibility and affordability for Nigerians across all income levels.
NMRC, a licensed mortgage refinancing institution established under the Companies and Allied Matters Act of Nigeria and regulated by the Central Bank of Nigeria, was incorporation in 2013 and started operations in 2014, NMRC serves as the apex liquidity facility for the Nigerian mortgage market. It provides long-term funding to primary mortgage lenders and promoting affordable homeownership nationwide.
Commenting on the bond listing, Managing Director of NMRC, Kehinde Ogundimu, expressed the company’s pleasure at the strong reception of the Series 1 bond issuance which he said “reflects continued investor confidence in NMRC’s business model and the critical role we play in strengthening Nigeria’s housing finance ecosystem.
“The successful execution of this transaction enables us to further support mortgage lenders with long-term funding and advance our objective of improving access to affordable housing finance,” he said.
Similarly, the Chief Executive, Stanbic IBTC Capital Limited, Oladele Sotubo, said: “Stanbic IBTC Capital is delighted to have acted as Sole Issuing House and Bookrunner to NMRC’s Series 1 Bond issuance. The strong level of oversubscription highlights the strength of investor appetite for well-structured, high-quality credit in the Nigerian debt capital markets. This successful issuance further underscores Stanbic IBTC Capital’s commitment to supporting issuers with innovative access to long-term funding.”
On her part, Ms. Tumi Sekoni, Group Chief Operating Officer, FMDQ Group Plc, said the bond listing “underscores the continued depth of Nigeria’s debt capital market, and the vital role that well-structured, long-tenor fixed income securities play in mobilising capital for sectors of strategic national importance.”
Housing finance, she continued, “remains central to inclusive economic development, and NMRC’s presence on our platform further reinforces FMDQ Exchange’s commitment to providing a transparent, efficient, and credible marketplace that connects issuers with investors and promotes sustainable growth across the Nigerian economy.”
The statement assured of FMDQ Exchange’s continued commitment to providing a robust, transparent, and well-regulated marketplace that supports efficient capital formation and sustainable economic development in Nigeria.
By leveraging its innovative platform and extensive market network, it said the Exchange continues to connect credible issuers with a diverse and growing pool of investors, deepening market liquidity, broadening participation, and reinforcing the resilience and integrity of Nigeria’s financial markets.
