Rating Release

Agusto & Co. hereby affirms “Aa” rating assigned to Nigeria Mortgage Refinance Company Plc with a stable outlook

The rating expires on 30 June 2026

Agusto & Co. affirms the “Aa” long term and “A1+” short term ratings assigned to Nigeria Mortgage Refinance Company Plc (“NMRC” or “the Company”). The rating reflects the support of the Federal Government of Nigeria (FGN) through the Ministry of Finance Incorporated (MOFI) and Nigeria Sovereign Investment Authority (NSIA), which we consider to be of investment grade credit quality. The rating is also supported by NMRC’s good capitalisation, asset quality and liquidity and funding profile and experienced management team. Nonetheless, the rating is constrained by the regional concentration in the mortgage refinance portfolio and low contribution of core business activities to income. We have also considered the impact of mortgage foreclosure and land documentation bottlenecks and the rising interest rates, which have made mortgages unattractive to the Nigerian populace, on the Company’s operations.

NMRC is a public limited liability company licensed by the Central Bank of Nigeria (CBN) to operate as a mortgage refinancing company. The Company operates as a private sector-driven organisation with the objective of promoting home ownership by providing long-term fixed-rate funding to operators in Nigeria’s mortgage banking industry to support the delivery of affordable housing.