The retirement of the pioneer managing director of Nigeria Mortgage Refinance Company (NMRC), Prof. Charles Inyangete has been announced.
A statement from the company said that his retirement came after attaining the mandatory retirement age of 60 years.
According to it, “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. During his tenure he saw the growth of the company from a 3-man start up charged with launching unto a 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 to one which has made significant strides in the industry and recognised as an sector leader.”
The statement added that he achieved among other things, “execution of NMRC’s first mortgage-backed bond issuance in July 2015, the very first of such in the whole of the African continent; as the first of a N440 billion bond issuance programme backed by an conditional guarantee of 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 conform to NMRC’s uniform underwriting standards for the formal sector, another transformative product developed by NMRC under his watch.
“Under Inyangete, NMRC took the lead in developing partnerships with state governments, as the points where the rubber meets the road in housing provision, including advocating for a draft Model Mortgage and foreclosure law to state actors for review and passage, as the fulcrum for a robust housing market and enhanced home ownership, which would not only benefit the citizenry but also impact state internally generated revenues.
“He encouraged NMRC’s robust partnerships with other key stakeholders in the housing industry, leading to strong, research, advocacy-based agreements with MBAN (Mortgage Banking Association of Nigeria), REDAN (Real Estate developers of Nigeria), FGSHLB (Federal Government Staff housing Loans Board) in addition to several transaction-driven agreements with major developers geared at growing affordable housing supply around the country,” the statement explained.
