Yemi Adedeji, Abuja
The Nigerian Mortgage Refinance Company (NMRC) has said Charles Inyangete, a Professor and its Pioneer Managing Director has retired after reaching the age of 60years, and having served the bank for three and half years.
It noted that 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.
A statement signed by the acting Managing Director revealed that Inyangete’s retirement has been approved by the board of the company and at no time did the board sack him.
The statement said: “The execution of NMRC’s first mortgage-backed bond issuance in July 2015, the very first of such in the whole of the African continent, as the first of a N440 billion bond issuance programme backed by an conditional guarantee of the federal government.
” The N8 billion raised from that exercise was deployed to the refinancing of legacy and new mortgages of NMRC member banks that conform to NMRC’s uniform underwriting standards for the formal sector, another transformative product developed by NMRC under his watch.
“Professor 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.
“Under 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.
” The development of a transformative technology platform powered by NMRC known as the Housing Market System (HMS). The HMS comprises two main modules: a Mortgage Market System (MMS) and a Mortgage and Housing Market Information Portal (MHIP). The MMS is a transformative technology platform that integrates all systems and processes required for transactions by estate brokers, developers, mortgage bankers as well as NMRC, enabling operators speak to each other, enhances operational efficiency, reduces costs, all of which benefits can be passed onto the consumer,” it noted.
NMRC said that for these and many other achievements, the stakeholders and the entire housing and Mortgage sector will continue to remember his indelible legacies.