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NMRC and Modern Shelter Partner to Deepen Access to Affordable Housing

The Nigeria Mortgage Refinance Company (NMRC), Nigeria’s foremost mortgage underwriter has signed a Memorandum of Understanding with Modern Shelter Systems and Services Limited (Modern Shelter),a pioneer mortgage brokerage and real estate marketing firm to leverage their respective comparative advantages to address the removal of barriers to home ownership for offtakers. These barriers include but are not limited to issues such as equity contribution constraints, access to mortgage loans and delivery of qualitative and affordable housing.

The partnership agreement, which was executed on the 25th of January 2018 will see NMRC and Modern Shelter working together towards the provision of housing finance, training, research, advisory and project structuring to increase housing stock that will drive mortgage creation and penetration in Nigeria, using alternative financing mechanisms that align with NMRC’s underwriting standards. The agreement is also expected to promote knowledge, technological transfer and support that grants Modern Shelter access to and use of NMRC’s flagship Housing Market System (HMS) as a means of mortgage prequalification and source of investment for construction finance.

According to NMRC’s Managing Director/CEO, Professor Charles Inyangete, in driving mortgage penetration and influencing housing stock development the company has invested substantial sums of money in providing and improving policy requirements and Information systems’ infrastructure that will assist market players like Modern Shelter and Brains and Hammers to make affordable housing delivery and access to finance scalable hurdles, as a result of the refinancing support that the agreement will prov
ide through NMRC’s member lending financial institutions.

READ: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

On his part, the Managing Partner of Modern Shelter Mr Abdulmalik Mahdi noted that Modern Shelter considers NMRC to be a major stakeholder and pillar in driving home ownership through mortgage refinancing in addition to innovative technology. He further stated that the partnership with NMRC would facilitate access to alternative finance investors and improve Modern Shelter’s ongoing engagement with Sterling Bank and Jaiz Bank using non-interest mortgage banking structures. He added that Modern Shelter has partnered and works closely with reputable developers such as Nigeria’s foremost housing developer Brains & Hammers Limited, Earthpoint Development Services and others to ensure availability of good and affordable housing stock for clients of different income brackets.

The Chairman of Modern Shelter, Mr. Adebola Sheidu who is also Chairman of Brains & Hammers, noted that the MoU and engagement would tie in with the proposed delivery of various projects by Brains & Hammers. The company is working to deliver over 5,000 housing units over a 5-year period across key states in Nigeria. These include, Brains & Hammers City Abuja, Jubilee Estate, Iganmu Lagos and a proposed housing spin – off of the landmark Kano Economic City project. He assured of Brains & Hammers capacity to deliver the housing stock needed to fuel this partnership.

The partnership has the huge potential of improving mortgage finance standards, particularly for the informal sector; it will also better enable NMRC’s member Banks to further create assets that will in turn drive refinance activities, add value and expected outcomes to first time home owners and attract non-interest investors into the housing and real estate sector.


In the bid to meet up with the 17 million deficit in the Housing sector in Nigeria, the Nigerian Mortgage Refinance Company (NMRC) graduated 45 Internally Displaced Person’s (IDP) trainees as part of its Corporate Social Responsibilities (CSR), the Skills Empowerment Training which covered three sub sectors within the building construction industry were in Masonry (Block Making/Laying), Plumbing and Electrical installations.

The training which was sponsored by NMRC and coordinated by the Industrial Training Fund Abuja Area office is first of its kind in the series by NMRC. The event kick started and was declared open with a welcome address by the Executive Director of Policy & Strategy, Dr Chii Akporji  followed by  the head of the Industrial Trust Fund (ITF) represented by Mrs Evelyn Irabor  who charged the trainees to utilize the opportunity which will help them chart a new cause for their lives especially  when they get back to their respective locations. The CEO/M D Prof Charles Inyangete advised the trainees to take the skills they have learnt to heart as a valuable asset that can take them through the next phase of their lives. The MD also said that the empowerment training will be a continuous exercise.

Prof Inyangete  promised to create opportunity for internship for the graduands in other to enable them horn their skills as the two months training was short and not enough to fully equip them with the rudiments  needed in the construction industry as well as provide market for the skills acquired.

Mrs Evelyn Irabor presented the certificates to the graduands alongside the M D of NMRC,  Professor  Charles Inyangete  which was also followed by the presentation of working tools for the trade.

READ: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

The trainees thanked NMRC and ITF and also suggested that the same gesture should be extended to other IDP camps in Goru and in other camps.

One of the displaced persons, Enoch Yohanna, an assistant coordinator of Nelson Mandela skills center located within the camp thanked the organizers on behalf of the graduands for their support but called on the federal government to do more in alleviating their sufferings as the government has not provided the camp with any form of infrastructure. He stated that the camp lacks basic infrastructure as the only source of portable water was provided by NMRC two years ago. At the end of the event, Mr Philemon Emmanuel coordinator of the camp also thanked  NMRC.

The IDP camp is located in Kuchingoro part of the F C T and houses the Internally Displaced Persons who were sacked from their village of Goza in Borno state and Muchika in Adamawa state by the most dreaded terrorist group Boko Haram. The camp is made up 4,000 refuges comprising of  450 Children, 1573 Women and 1977 Men respectively.

By Martha Habu

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