By Peace Udugba
The Nigerian debt capital market continues to record significant growth, driving economic expansion and improving access to capital through enhanced liquidity, transparency and price discovery.
Reflecting this progress, FMDQ Securities Exchange Limited has approved the listing of Nigeria Mortgage Refinance Company PLC’s ₦11.50 billion 10-Year 17.25 per cent Series 1 Fixed Rate Bond under its ₦440 billion Medium Term Note Programme.
The development highlights the Exchange’s role in supporting long-term capital formation and advancing Nigeria’s housing finance ecosystem.
NMRC, a licensed mortgage refinancing institution established under the Companies and Allied Matters Act and regulated by the Central Bank of Nigeria, was incorporated in 2013 and began operations in 2014. The company serves as the apex liquidity facility for Nigeria’s mortgage market by providing long-term funding to primary mortgage lenders and promoting affordable home ownership nationwide.
According to the company, proceeds from the bond issuance, sponsored by Stanbic IBTC Capital Limited, a Registration Member (Listings) of FMDQ Exchange, will be used to expand NMRC’s refinancing operations, strengthen its lending capacity to primary mortgage lenders, and support the Federal Government’s agenda of improving housing accessibility and affordability across all income levels.
Speaking on the bond listing, the Managing Director of NMRC, Kehinde Ogundimu, said the strong reception of the Series 1 Bond issuance reflected sustained investor confidence in the company’s business model and its role in strengthening Nigeria’s housing finance sector.
“NMRC is pleased with the strong reception of our Series 1 Bond issuance, which 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.
Also commenting, the Chief Executive of Stanbic IBTC Capital Limited, Oladele Sotubo, said the oversubscription of the bond highlighted strong investor appetite for high-quality credit instruments in the Nigerian debt capital market.
“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,” Sotubo stated.
In the same vein, Tumi Sekoni, Group Chief Operating Officer of FMDQ Group PLC, said the listing underscored the growing depth of Nigeria’s debt capital market and the importance of long-term fixed-income securities in mobilising capital for strategic sectors of the economy.
She added that housing finance remains central to inclusive economic development and that NMRC’s listing further reinforces FMDQ Exchange’s commitment to providing a transparent, efficient and credible marketplace that connects issuers with investors while promoting sustainable economic growth.
