The Nigeria Mortgage Refinance Company Plc (NMRC) has reaffirmed its financial resilience despite Nigeria’s challenging macroeconomic environment, as well as expansion of its madante on housing financing.
The reassurance was given at the company’s 12th Annual General Meeting (AGM) held virtually as shareholders approved an 80 kobo dividend per share.
The meeting, chaired by Dr. Olabanjo Obaleye, attracted representatives of the company’s corporate shareholders, the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Corporate Affairs Commission (CAC), and other key stakeholders.
Presenting the Company’s 2025 Annual Report and Accounts, Dr. Obaleye stated that although the operating environment remained difficult, NMRC recorded a modest performance driven by prudent management, disciplined execution and a steadfast commitment to long-term sustainability.
Speaking at the AGM, the Managing Director/Chief Executive Officer, Mr. Kehinde Ogundimu, explained that the unusually high interest rate environment prompted the company to adopt a proactive strategy aimed at strengthening its balance sheet.
According to him, NMRC took a deliberate, non-distress-driven decision to prudently manage its liabilities and repayments by contracting its balance sheet, demonstrating sound financial discipline in a period of elevated borrowing costs.
He disclosed that ‘the company recorded a Net Interest Income of N6.462 billion in 2025, representing a 2.45 per cent increase over the previous year. Profit Before Tax stood at N3.489 billion, reflecting a 7.5 per cent decline compared to 2024, largely due to prevailing economic conditions,’
The AGM also ratified the appointments of Mr. Adeyemi Odubiyi and Mr. Arinze Adigwe as Non-Executive Directors, while Ms. Funke Aboyade, SAN, and Dr. Markie Idowu were re-elected to the Board.
In addition, shareholders approved the re-appointment of PricewaterhouseCoopers (PwC) as the company’s External Auditors to serve until the next Annual General Meeting.
In his closing remarks, Dr. Obaleye said ‘NMRC is commitment to strengthening Nigeria’s housing finance system and expanding access to affordable mortgage financing,’