MBAN Set To Incorporate Mortgage Finance Firm

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The Mortgage Banking Association of Nigeria (MBAN) has said it would formally incorporate the Nigeria Mortgage Finance Company (NMFC) during the last quarter of 2013.
The MBAN Executive Secretary, Mr Kayode Omotosho, disclosed this in an interview with newsmen in Lagos.
According to him, the company, which has been on the drawing board, will get a financial boost to take-off from the World Bank.
Kayode said that the company would help mortgage banks in terms of cash availability and make funds readily available for further mortgage lending to customers.
“So far, NMFC has received $300 million (N45 billion) loan from the World Bank.
“The shareholders have contributed about N6 billion and this will be more than enough for it to open to the public for business,” he said.
The executive secretary said that the World Bank loan would be repaid at a later date.
Kayode also stated that the outcome of the recapitalisation exercise of mortgage banks which ended on April 30, would be known in January 2014.
He added that the exercise would also reveal the number of mortgage banks and their level of coverage.