NMRC strengthens corporate governance, appoints Okeahalam board chairman

In line with its commitment to international best practices in corporate governance, the Nigeria Mortgage Refinance Company (NMRC) has appointed Charles Okeahalam chairman of its Board of Directors. He takes over from Herbert Wigwe who had been serving as interim chairman since May 2015 when Ngozi Okonjo-Iweala, former Minister for Finance, resigned from that position.

Okeahalam has substantial experience in banking, finance and fixed income markets. He is a co-founder of Johannesburg-based private equity fund and hedge fund AGH Capital. He has served as a non-executive director on the boards of several major companies including ABSA Bank of South Africa, the Bond Exchange of South Africa, South African Airways, and also served as chairman of the board of directors of Heritage Bank, Nigeria.

It is hoped that his appointment as chairman of NMRC will strengthen corporate governance and his international experience will assist in deepening the mortgage market. In addition to his substantial commercial experience, Okeahalam is a leading economist and former professor of finance. He earned a PhD in Econometrics from the University of London in 1991, and in 2010 a DSc for seminal research contributions to banking and finance from the University of Exeter, United Kingdom.

NMRC is a private sector driven company with the public purpose of developing the primary and secondary mortgage markets by raising long term funds from the capital market in providing access to affordable housing finance in Nigeria. Incorporated on June 24, 2013, NMRC obtained its operating licence on February 18, 2015 and in July 2015, it successfully issued a 15-year N8 billion Series 1 Bond under its N140 bllion medium term Note Programme and has refinanced the mortgage portfolio of member-primary mortgage lenders (PMLs).

With a vision is to be the dominant housing partner in Nigeria, NMRC also aims to play a major role in the mortgage market as it brings down barriers to home ownership by providing liquidity, affordability, accessibility and stability to the housing market.

CHUKA UROKO