The board and management of the Nigeria Mortgage Refinance Company (NMRC) has announced the retirement of Professor Charles Inyangete as the Managing Director/Chief Executive Officer of the company, after three and a half years of service and having attained the mandatory retirement age of 60 years.
Inyangete joined the company in November 2014, following the incorporation of NMRC as a key component of the Nigeria Housing Finance Programme (NHFP) funded under a US$300 million IDA Facility from the World Bank Group.
According to a statement, during his tenure he saw the growth of the company from a 3-man start up charged with launching unto a nascent and very challenging Nigerian Mortgage market with a clear mandate to grow the primary and secondary mortgage markets and promote home ownership in Nigeria to one which has made significant strides in the industry and recognised as an sector leader.
The statement listed the achievements under his watch to include the execution of NMRCâ€™s first mortgage-backed bond issuance in July 2015, stating that it was the first of such in Africa.
â€œThe N8 billion raised from that exercise was deployed to the refinancing of legacy and new mortgages of NMRC member banks that conform to NMRCâ€™s uniform underwriting standards for the formal sector, another transformative product developed by NMRC under his watch.
â€œProfessor Inyangete was a proponent of the value chain approach to tacking the challenges facing a market comprising multi-faceted and complex operators, systems and processes along a supply and demand continuum.
â€œUnder Professor Inyangete NMRC took the lead in developing partnerships with state governments, as the points where the rubber meets the road in housing provision, including advocating for a draft Model Mortgage and foreclosure law to state actors for review and passage, as the fulcrum for a robust housing market and enhanced home ownership, which would not only benefit the citizenry but also impact state internally generated revenues.
â€œProf. Inyangete encouraged NMRCâ€™s robust partnerships with other key stakeholders in the housing industry, leading to strong, research, advocacy-based agreements with MBAN (Mortgage Banking Association of Nigeria), REDAN (Real Estate developers of Nigeria), FGSHLB (Federal Government Staff housing Loans Board) in addition to several transaction-driven agreements with major developers geared at growing affordable housing supply around the country,â€ it added.