…as shareholders approve 80kobo dividend pay-out
The Nigeria Mortgage Refinance Company Plc (NMRC) has demonstrated financial resilience, recording ₦6.462bn net interest income amid Nigeria’s challenging macroeconomic environment in its 2025 financial year.
Kehinde Ogundimu, the company’s managing director and chief executive officer, who disclosed this at the company’s 12th Annual General Meeting (AGM) in Lagos recently, explained that this income represented a 2.45 percent increase over the previous year.
Ogundimu further disclosed that the company’s Profit Before Tax (PBT) stood at ₦3.489 billion, reflecting a 7.5 percent decline from 2024, largely due to prevailing economic conditions.
He explained that the unusually high interest rate environment prompted the company to adopt a proactive strategy aimed at strengthening its balance sheet.
According to him, NMRC took a deliberate, non-distress-driven decision to prudently manage its liabilities and repayments by contracting its balance sheet, demonstrating sound financial discipline in a period of elevated borrowing costs.
The AGM, chaired by Olabanjo Obaleye, was attended by representatives of the company’s shareholders, the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Corporate Affairs Commission (CAC), among others.
Obaleye, in his presentation, stated that, although the operating environment remained difficult, the mortgage refinance company recorded a modest performance driven by prudent management, disciplined execution, and commitment to long-term sustainability.
He noted that while profitability moderated during the financial year, the company remained financially strong, maintaining adequate capital and liquidity while continuing to operate in full compliance with regulatory requirements and prudential standards.
Shareholders at the meeting approved a dividend of 80 kobo per share, reaffirming their confidence in the company’s performance and long-term prospects.
The AGM also ratified the appointments of Adeyemi Odubiyi and Arinze Adigwe as Non-Executive Directors, while Funke Aboyade (SAN) and Markie Idowu were re-elected to the Board.
In addition, shareholders approved the re-appointment of PricewaterhouseCoopers (PwC) as the company’s External Auditors to serve until the next Annual General Meeting.
In his closing remarks, Obaleye expressed appreciation to shareholders, the Board of Directors, regulators and other stakeholders for their continued confidence, collaboration and support, reaffirming NMRC’s commitment to strengthening Nigeria’s housing finance system and expanding access to affordable mortgage financing.
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