Professor Charles Inyangette, CEO of the Nigerian Mortgage Refinance Company (NMRC) disclosed that the NMRC has fully commenced operations, having received its license from the Central Bank of Nigeria last month. See earlier news item from Nigeria's Central Bank Approves Framework For a Mortgage Refinance Company.

NMRC signed a Memo of Understanding with Cantor Fitzgerald & Co. a global private investment firm with strong expertise in asset- backed mortgage securities, for the firm to invest a minimum of US$1 billion (about N200 billion) in the Nigerian mortgage sector. The firm has made arrangements to build 10,000 houses in Kadura, Lagos, Enugu and Abuja within the next one year, and plans to use the NMRC vehicle for the refinancing of the related mortgages.