August 9, 2023, Victoria Island, Lagos, Nigeria: The Nigeria Mortgage Refinance Company Plc (NMRC) held its 9th Annual General Meeting (AGM) at the Abora Hall, Eko Hotel and Suites, Victoria Island, Lagos on August 9, 2023. The meeting, chaired by Mr. Charles Candide-Johnson (SAN), drew significant attendance from bank representatives, major stakeholders such as the Nigeria Sovereign Investment Authority, Central Bank of Nigeria, Securities and Exchange Commission, and other interested parties.
Presenting the Company’s 2022 Annual Report and Accounts, Chairman Charles Candide-Johnson acknowledged NMRC’s commendable performance amid macro-economic challenges, attributed to sound capital management and effective governance practices. The financial highlights for 2022 included a 2.0% rise in gross earnings, from ₦9.91 billion in 2021 to ₦10.11 billion in 2022, and a 13.8% increase in refinanced loans, rising from ₦21.10 billion as of December 31, 2021, to ₦24.02 billion as of December 31, 2022.
In his remarks, Mr. Kehinde Ogundimu, the Chief Executive Officer of NMRC underscored the company’s resilience throughout 2022 despite the prevailing challenges. Key financial metrics demonstrated this resilience, with a 9.8% growth in Net Interest income, from N5.02 billion in 2021 to N5.52 billion in 2022. Additionally, the profit before tax marked a 2.8% increase, reaching ₦3.47 billion compared to ₦3.39 billion in 2021. Earnings per share also experienced a modest uptick of 1.9%, from ₦1.56k in 2021 to ₦1.59k in 2022.
Closing the AGM, Chairman Candide-Johnson expressed gratitude to shareholders, Board of Directors, business partners, and stakeholders for their unwavering support in advancing NMRC’s mission of enhancing affordable housing finance.
Key decisions made during the AGM included the approval of a ₦0.47k dividend per ordinary share, ratification of the appointment of two Non-Executive Directors—Mr. Aminu Umar-Sadiq and Dr. Armstrong Takang—and the re-election of retiring directors, namely Dr. Herbert Wigwe, Dr. Olufemi Johnson, and Mr. Charles Candide-Johnson, SAN. Shareholders also endorsed the election of Mr. George Oko-Eboh and Dr. Banjo Obaleye as members of the Statutory Audit Committee.
Furthermore, shareholders greenlit the appointment of PricewaterhouseCoopers (PwC) as the External Auditor, succeeding Messrs KPMG Professional Services in line with regulatory guidelines after a 10-year tenure.
