FMDQ Securities Exchange Limited has approved the listing of the ₦11.50 billion 10-year 17.25 per cent Series 1 Fixed Rate Bond issued by Nigeria Mortgage Refinance Company Plc (NMRC) under its ₦440 billion Medium Term Note Programme.

The listing was announced on Monday as part of efforts to deepen housing finance and expand access to affordable mortgages in Nigeria.

The bond issuance was sponsored by Stanbic IBTC Capital Limited, a Registration Member (Listings) of FMDQ Exchange.

Bond To Support Housing Finance Expansion

According to the statement, proceeds from the bond issuance will be used to strengthen NMRC’s refinancing operations and increase long-term funding support for primary mortgage lenders across the country.

The initiative is also expected to support the Federal Government’s broader agenda of improving housing affordability and accessibility for Nigerians across different income levels.

NMRC, established in 2013 and operational since 2014, serves as Nigeria’s apex mortgage refinancing institution regulated by the Central Bank of Nigeria.

The company provides liquidity support to mortgage lenders to encourage affordable homeownership nationwide.

Investors Show Strong Confidence

Managing Director of NMRC, Kehinde Ogundimu, described the strong investor response to the bond issuance as a reflection of confidence in the company’s business model and housing finance mandate.

“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.

Chief Executive Officer of Stanbic IBTC Capital Limited, Oladele Sotubo, also noted that the oversubscription highlighted growing investor appetite for structured fixed-income instruments within Nigeria’s debt capital market.

FMDQ Highlights Role Of Capital Market

Group Chief Operating Officer of FMDQ Group Plc, Tumi Sekoni, said the listing demonstrates the importance of long-term debt instruments in mobilising capital for strategic sectors such as housing.

According to her, housing finance remains essential to inclusive economic growth and sustainable development.

She added that FMDQ Exchange remains committed to providing a transparent and efficient marketplace that connects issuers with investors while strengthening Nigeria’s financial markets.

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The Federal Government has announced plans to make the long-awaited National Housing Data Centre (NHDC) fully operational by December 2025, in a move expected to transform Nigeria’s housing and real estate policy landscape through accurate and evidence-based data.

Coordinated by the Federal Ministry of Housing and Urban Development (FMHUD), the initiative aims to harmonise housing statistics across the country, track progress in addressing the housing deficit, and provide reliable information for policy formulation and investment decisions.

Chairman of the Technical Committee on the National Housing Data Programme (NHDP), Dr. Taofeeq Olatinwo, told The Guardian that the NHDC will function as a federated system, allowing states, ministries, departments, and agencies (MDAs) to regularly feed data into a unified national platform.

He explained that the system will enable both state-level analysis and national coordination, helping the government identify housing gaps, affordability trends, and emerging urban patterns.

“The target is for the NHDC to go live in December 2025,” Olatinwo said. “It will have inputs from states, MDAs, and private developers at defined intervals, in line with global standards.”

To ensure international credibility, the NHDC is being developed in collaboration with global housing data partners, including the World Bank, African Union for Housing Finance (AUHF), Centre for Affordable Housing Finance in Africa (CAHF), and HOFINET. These organisations are providing technical support to align Nigeria’s data systems with global benchmarks and reporting metrics.

According to Olatinwo, the NHDC will capture key indicators such as housing stock, new developments, demolitions, conversions, and occupancy levels, giving a comprehensive picture of the nation’s housing situation. He noted that the centre would eventually evolve into a professionally run Special Purpose Vehicle (SPV) responsible for data validation, quality control, and updates.

Unlike past housing data initiatives restricted to government agencies, the NHDC will be accessible to the public through an online dashboard built on the existing Housing Market Information Portal (HMIP) hosted by the Nigeria Mortgage Refinance Company (NMRC). It will also integrate inputs from agencies like the National Bureau of Statistics (NBS), National Population Commission (NPC), Central Bank of Nigeria (CBN), and others.

The Federal Government has also begun engaging state governments to ensure full nationwide participation. Six pilot states were consulted in July 2025, forming the foundation for broader collaboration across all 36 states.

The NHDC project is supported by a joint committee comprising representatives from FMHUD, NMRC, NBS, NPC, CBN, Federal Mortgage Bank of Nigeria (FMBN), Federal Housing Authority (FHA), Family Homes Funds Limited (FHFL), and the Real Estate Developers Association of Nigeria (REDAN), among others.

The committee is tasked with finalising the technical framework, legal documentation, and data-gathering model. The plan envisions transitioning the NHDC into a self-sustaining SPV that operates as a business entity to ensure long-term viability.

Olatinwo said the initiative would provide accurate data to guide government housing policies, budget allocations, and social housing interventions. Despite some challenges, including funding and capacity building, he expressed optimism that the NHDC would be a game-changer for Nigeria’s housing sector by shifting decision-making from assumptions to evidence-based planning.

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The Managing Director and CEO of the Nigeria Mortgage Refinance Company (NMRC) and Chairman of the African Union for Housing Finance (AUHF), Mr. Kehinde Ogundimu, has urged African governments and stakeholders to adopt innovative, blended financing models to bridge the continent’s deepening housing gap and expand mortgage access.

Speaking at the 41st Annual AUHF Conference & Annual General Meeting in Lagos, Ogundimu delivered opening remarks at the State and City Roundtable on Blended Finance for Affordable Housing, where he emphasized the need for transformative funding approaches amid surging urbanization trends.

With Africa’s urban population projected to triple by 2050, the demand for affordable housing continues to outpace supply, putting pressure on infrastructure, planning systems, and financial mechanisms. Ogundimu noted that the continent’s mortgage penetration remains alarmingly low—below 3%—and stressed that traditional models of financing are inadequate to meet the scale of the crisis.

“We must move beyond conventional thinking,” Ogundimu stated. “Blended finance the strategic integration of public, private, and philanthropic capital  is not just an alternative; it is a necessity for unlocking large-scale investment in housing.”

He added that strong government leadership, supportive policy frameworks, and private sector collaboration are critical to creating viable and scalable housing finance ecosystems. The AUHF conference, which brings together policymakers, developers, financiers, and urban experts, continues to serve as a platform for catalyzing practical solutions to Africa’s housing challenge.

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As President Bola Ahmed Tinubu marks two years in office today, the Housing Development Advocacy Network (HDAN) has published a comprehensive evaluation of the administration’s impact on Nigeria’s housing and urban development landscape highlighting bold reforms, landmark achievements, persistent gaps, and the critical next steps required to truly bridge the country’s widening housing deficit.

When Tinubu assumed office on May 29, 2023, housing advocates and real estate stakeholders hoped for a turnaround in one of the country’s most neglected sectors. Their optimism was rekindled by one of Tinubu’s first structural decisions: the creation of a standalone Ministry of Housing and Urban Development, led by the seasoned architect and former FMBN boss, Arc. Ahmed Musa Dangiwa.

In his address at the inauguration of the National Construction and Housing Blueprint Implementation Committee, President Tinubu underscored the vision of his administration:
“Housing is more than shelter. It is dignity, security, and a pathway to economic prosperity. Our Renewed Hope Agenda aims to ensure every Nigerian, regardless of income, can access decent, affordable housing.”

HDAN’s review highlights numerous initiatives spearheaded by the Ministry and its agencies, many of which signal long-term structural reform.

The Ministry launched the Renewed Hope Cities initiative, beginning with pilot construction in Karsana, Abuja. The goal is to deliver 50,000 housing units across the country, with a focus on affordability and inclusivity for low and middle-income Nigerians.

The Ministry established four dedicated presidential task reforms teams to address core bottlenecks: Housing Institutions Reform Task Team; Multi-Agency Project Delivery Task Team; Land Reforms Task Team and Building Materials Manufacturing Hubs Task Team.

According to Minister Dangiwa, these task teams represent a strategic and coordinated approach to delivering the President’s mandate and the Renewed Hope Agenda.

In a bid to end decades of unverified data and planning blind spots, the Ministry established the National Housing Data Committee, which has advanced its research and preparatory work to set up the first-ever National Housing Data Centre. This centre is envisioned to provide real-time, credible housing statistics, essential for planning, investment, and deficit tracking.

Major Agency-Led Achievements

Federal Mortgage Bank of Nigeria (FMBN)

Under Tinubu, FMBN has disbursed over ₦73 billion in housing finance, supported over 30,000 beneficiaries, and processed over ₦30.7 billion in NHF refunds. The Bank recorded an operational surplus for 2024 and disbursed ₦11.75 billion in NHF mortgage loans to 1,285 beneficiaries.

It introduced a ₦100 billion Bankable Off-taker Guarantee and partnered with the Ministry on the Renewed Hope Housing Programme. The Bank also improved mortgage loan approvals and increased NHF contributions across the federation.

Family Homes Funds Limited (FHFL)

FHFL has delivered over 7,600 homes across 18 states and provided jobs to thousands through construction-focused youth employment initiatives.

Federal Housing Authority (FHA)

FHA has commenced social housing developments targeting teachers, medical personnel, and junior civil servants in locations such as Zuba, Enugu, and Ibadan.

Ministry of Finance Incorporated (MOFI) – MREIF

MOFI’s Real Estate Investment Fund (MREIF) has been a standout achievement raising ₦100 billion in its Series 2 offering, fully subscribed, showing strong investor confidence; achieved a AAA rating from Agusto & Co.; with total funds raised now standing at ₦250 billion (with ₦150 billion from Series 1); offers long-term, low-cost mortgage financing to make homeownership more accessible; aims to mobilize up to ₦1 trillion to close housing supply-demand gaps and strongly aligned with the Renewed Hope Agenda.

Meanwhile, the Ministry has also embarked on a massive land digitization programme through the National Digital Land Information System (NDLIS), in partnership with the World Bank. The initiative aims to document and title all land parcels within five years, formalize land use, a bold move to improve land administration and support formal real estate transactions by improving transparency and registration processes.

HDAN commends the administration for the introduction of the first-ever Nigerian Policy Prioritising Local Content, which promotes the use of indigenous materials and contractors; and the 2024 Tax Reform Act, spearheaded by the Taiwo Oyedele-led committee which includes VAT exemptions on lands, sale of real estate and rent.

HDAN’s report highlights some of the challenges still standing despite the bold strides, they include, land access bottlenecks at the state level; insufficient development finance for private sector projects; low awareness of available mortgage options among the public and outdated legal and policy frameworks slowing reform adoption.

However, HDAN insists that more must be done. critical outdated laws, including the Land Use Act of 1978, need urgent revision. There is also an immediate need to establish a national tenancy framework; strengthen inter-agency coordination and accountability; and intensify stakeholder engagement through structured dialogues and legislative lobbying.

As Nigeria celebrates two years under President Tinubu, the administration has undoubtedly changed the tone and urgency around housing policy. But for the Renewed Hope Agenda to become more than a slogan, continued collaboration, increased private sector participation, and sustained reform momentum are vital.

As HDAN rightly puts it: “Hope is not built in a day. It must be structured, supported, and secured, brick by brick.” It is important to be building more than homes, and focus on building dignity, stability, and the future of Nigeria

The post Renewing Hope, Raising Roofs: Two Years of Housing Reform Under Tinubu’s Watch appeared first on Housing TV Africa.

During the online conference, industry experts and stakeholders explored the challenges of expanding mortgage access, the importance of market-driven reforms, and the need for inclusive financing strategies.

Kehinde Ogundimu, MD/CEO of NMRC, reassured stakeholders of the organization’s ongoing commitment to improving the mortgage landscape.

Ogundimu also provided an update on the $200 million loan facility secured from the U.S. International Development Finance Corporation (DFC), noting that the funds will be used to provide single-digit interest rate mortgages, which he described as a significant step toward making homeownership more affordable.

Dr. Femi Johnson, Managing Director/CEO of Homebase Mortgage Bank and a Non-Executive Director of NMRC, reflected on the evolution of Nigeria’s mortgage sector and NMRC’s role in its transformation.

He acknowledged that progress has been made but emphasized that addressing the affordability gap and enhancing long-term funding remain crucial. “We need to continue pushing for solutions that ensure sustainable financing for all Nigerians,” he added.

Kayode Omotosho, Former Executive Secretary of the Mortgage Banking Association of Nigeria, highlighted the significance of local market participation in sustaining housing finance solutions.

“With NMRC, we have been able to get long-term funding through market capitalization for robust financing of homeownership,” he remarked.

Omotosho also spoke about the MREIF as a potential catalyst for strengthening the supply side of the housing sector and emphasized the importance of continuous collaboration between private developers and mortgage lenders.

Adedeji Adesemoye, Chairman of the Federal Government Housing Institutions Reform Task Team, addressed the macroeconomic challenges affecting NMRC’s operations.

“Macroeconomic issues such as inflation and government policies have posed challenges to NMRC’s ability to lend to institutions and individuals who meet the underwriting criteria,” he noted.

Despite these hurdles, Adesemoye commended NMRC’s resilience and innovative strategies.

He urged the implementation of the Mortgage Model Law and the operationalization of the Mortgage Guarantee Company, stating that these measures are essential to de-risk the mortgage market and expand access to affordable housing.

Stakeholders at the conference agreed on the need to improve housing supply chains, enhance mortgage literacy among potential homeowners, and develop robust data systems to support market transparency.

As NMRC embarks on its next decade, it remains steadfast in its goal to bridge Nigeria’s housing finance gap and ensure that more Nigerians, especially those in underserved communities, can realize the dream of homeownership.

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To help address the liquidity gap in Nigeria’s mortgage finance market, Nigeria Mortgage Refinance Company Plc (NMRC) partnered with U.S.-headquartered MiDA Advisors and Johannesburg-headquartered Standard Bank Group to co-create a blended finance solution to mobilize long-term financing at scale.

The transaction will include a $200 million loan from the U.S. International Development Finance Corporation (DFC) and $28 million in financing sourced from local financial markets, securing a total of $228 million long-term blended financing to NMRC.

The transaction and strategic partnership with DFC will provide the needed liquidity to support the country’s quest to bridge the housing deficit while driving more equitable economic growth and development. The facility will be disbursed through on-lending to primary lending institutions, i.e. commercial banks and primary mortgage banks, to refinance or pre-finance eligible mortgage loans to qualifying mortgage borrowers across Nigeria.

According to the National Bureau of Statistics, 63% of Nigerians are multidimensionally poor. Therefore, the financing is expected to provide vulnerable population segments with access to credit facilities, including Nigeria’s large informal sector, low-income earners, and women who face extreme difficulties in their bid to own a home. Specifically, approximately 20% of the loan will be allocated to informal and low-income borrowers, while an estimated 40% of the mortgages to be refinanced or pre-financed will be those underwritten to women as borrowers or co-borrowers.

READ ALSO: NMRC Reaffirms Commitment to Deliver Housing Data for Strategic Decision-Making

Reacting to the approval of this loan, the Managing Director and Chief Executive Officer of NMRC, Mr. Kehinde Ogundimu, expressed gratitude to DFC, noting that it is clear proof of NMRC’s positioning as a key institution within the housing ecosystem. “This transaction will certainly enhance our efforts to provide affordable long-term housing finance in a manner that will impact the overall sector. It shows that DFC and, indeed, other local and international financing institutions have a lot of trust in our capacity to manage long-term facilities that will make a tangible impact on the lives of Nigerians.

“The keen focus on low-income earners, the informal sector, and women is indicative of the direction of our efforts. As an institution, we are committed to driving equitable access to housing credit facilities thus enabling vulnerable Nigerians to achieve their homeownership dreams,” he added.

MiDA Advisors Chief Executive Officer, Mr. Aymeric Saha, added “we are very pleased to partner with NMRC and Standard Bank to arrange another transformative housing finance solution that will impact over 6,000 households in Nigeria. Through this transaction, we are demonstrating here again the power of partnerships with Africa’s leading companies such as NMRC to tackle social infrastructure financing needs in the region.”

READ ALSO: NMRC to Address Council of State on Housing on the Need for all States to Pass MMFL

“This transaction demonstrates the bank’s commitment in driving Africa’s socio-economic development through the facilitation of sustainable investment on the continent. We understand the needs and challenges of Africa’s people and continue to deliver innovative solutions to address these. This is truly an incredible transaction with a positive impact to Nigeria and the continent,” says Mr. Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank Group.

Also commenting on the transaction, Oladele Sotubo, Chief Executive of Stanbic IBTC Capital Limited, the wholly owned investment banking subsidiary of Stanbic IBTC Holdings PLC said, “Stanbic IBTC Capital is delighted to have worked alongside MiDA Advisors to facilitate this landmark financing aimed towards enhancing accessibility and affordability of mortgages in Nigeria. The objectives of the transaction are well within the Standard Bank Group’s purpose in driving Africa’s growth, and we are extremely proud to be party to the transaction.”

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The Nigeria Mortgage Refinance Company has restated its commitment to providing interim housing data to aid decision-making, aimed at addressing the country’s housing deficit.

The Chief Executive Officer of NMRC, Kehinde Ogundimu, stated this during the inauguration of a new joint steering committee on housing data in Abuja recently.

To ensure the continuity of data provision, Ogundimu suggested that NMRC could offer interim solutions while the National Data Centre was being established.

“If there are any interim measures that are needed, maybe a temporary data portal or something, NMRC can provide that while we are providing one that will be substantive and robust for the entire nation,” Ogundimu stated.

READ ALSO: NMRC to Address Council of State on Housing on the Need for all States to Pass MMFL

He highlighted the critical need for comprehensive and reliable housing data, saying, “We need to explore, gather all the details from where we can gather them, put them in the database, and then begin to refine them by the analysis that we make of such data.”

Ogundimu expressed optimism about the new system and portal introduced by the Ministry of Housing and Urban Development, which aim to streamline data collection and analysis.

“I am so happy that the ministers are providing all the information they have been able to glean from this new system, the portal that they have. It will help in decision-making, both in policy decisions and in financial decisions, project planning, and so many other things,” he added.

He argued that without proper planning, efforts to drive progress could be futile, leading to ineffective and unsustainable projects.

Atebije acknowledged the Federal Government’s ongoing efforts to improve various sectors, including housing, transportation, and healthcare.

However, he pointed out that public dissatisfaction with governance, particularly in light of recent nationwide protests, underscored the need for more comprehensive and inclusive development strategies.

READ ALSO: Best of AIHS Awards and Honours: Leading Exhibitors, Partners Win, Celebrate at the end of the show Dinner

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The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa has tasked the Nigerian Mortgage Refinance Company NMRC to make a presentation at the forthcoming National Council on Housing so as to educate the commissioners coming from various states on the need for states to adopt the Model Mortgage Foreclosure Law MMFL.

The minister disclosed this during a multi-agency meeting at the ministry’s headquarters in Abuja on Wednesday.

“That way, they can take the message back to their governors. My desire is that we see to the full implementation of the law across the 36 states of the Federation during my time as Minister”, Dangiwa said.

In his remark, the Managing Director and Chief Executive Officer of the NMRC, Kehinde Ogundimu expressed satisfaction with the policy direction and action plan of the ministry, noting that the implementation of the initiatives outlined by the Minister will trigger significant development in the housing sector.

READ ALSO: Delta State Govenor Receives Delegation of NITP, Tasks them on Urban Development

“On our part, we’re working to bring about a number of solutions, including the provision of data in partnership with bodies like the Central Bank of Nigeria, National Bureau of Statistics, Office of the Statistician-General of the Federation, and several others to assemble housing-related data based on the 117 indicators we ascertained through engagement with the Association of Affordable Housing.

“We are also working to dematerialize the entire titling process, find solutions to issues around construction such as technology, materials, cost, etc., and find ways around the scarcity of funds and financing”, he said.

In a swift reaction to this development, the Housing Development Advocacy Network HDAN has commended the Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa for promoting the Mortgage Foreclosure Bill, which no doubt if passed into law by all states will improve the efficacy of pour mortgage system.

READ ALSO: Social housing and a struggling economy

HDAN further revealed in the statement signed by Festus Adebayo,the Executive director that the next few days our leaders will meet with the Honourable Minister of Housing and Urban Development on same issue but as it relates all outstanding bills in the national Assembly some of which are waiting for amendments. We are already talking to national Assembly but we need the strong involvement of the minister,that is why it is compulsory to see him. commend this effort.

HDAN also called on all Housing Stakeholders in Nigeria to support the Minister Dangiwa. We can say he is committed and by the grace of God he will make the impacts we need.

Source: AfricaHousingNews

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