MWFL Launches With Applause From Key Stakeholders

The official public presentation of Mortgage Warehouse Funding Limited (“MWFL”) held on Tuesday, 10th October 2017 at a high level meeting organised during the 23rd Nigeria Economic Summit in Abuja.

Photo (L-R): Sonnie Ayere, Chairman, MWFL, Niyi Akinlusi, President, MBAN, Mrs. Tokunbo Martins, Director, OFID Central Bank of Nigeria, Prof. Charles Inyangete, MD/CEO, NMRC and Ibrahim Kangiwa, representing PenCom.

Commenting on the idea behind Mortgage Warehouse Funding Limited (“MWFL”), Director OFISD at Central Bank of Nigeria, Mrs. Tokunbo Martins stated that “the Mortgage Warehouse Funding Limited is a welcome idea. It is expected to address the draught of mortgage origination funding”.

Speakers included CBN’s Head, Nigerian Housing Finance Program, Mr. Adedeji Adesemoye, President, Mortgage Bankers Association of Nigeria (MBAN) Mr. Niyi Akinlusi, Managing Director/CEO, Nigeria Mortgage Refinance Company, Professor Charles Inyangete and Chairman, MWFL, Mr. Sonnie Ayere related their presentations toward connecting homeownership to the capital market for economic growth.

Highlights of MWFL’s launch was the formal presentation of its logo, introduction of member mortgage banks and a panel conversation that further engaged with questions and answers from guests.

Mortgage Warehouse Funding Limited’s Member Mortgage Banks include; Abbey Mortgage Bank Plc, Brent Mortgage Bank Ltd, Homebase Mortgage Bank Ltd, Imperial Homes Mortgage Bank Ltd, Jubilee-Life Mortgage, Lagos Building Investment Company Ltd (LBIC) and TrustBond Mortgage Bank.

Mortgage Warehouse Funding Limited (“MWFL”) is a Special Purpose Company with the objective of providing short-term, economically viable funding to its Member Mortgage Banks (MMBs) across Nigeria. MWFL was incorporated on 12th December, 2014 and is sponsored by Member Mortgage Banks, The Mortgage Bankers Association of Nigeria (“MBAN”), Nigeria Mortgage Refinance Company (“NMRC”), Dunn Loren Merrifield Advisory Partners Limited, Lion’s Head Global Partners through the African Local Currency Bond Fund (as Initial Subordinated Note Subscribers) and CitiHomes Finance Company Limited (“CitiHoms”) which is a CBN licensed financial institution.

According to MWFL’s Chairman, Mr. Sonnie Ayere during his presentation at the launch titled; ‘Providing Mortgage Banks with Origination Finance’, he mentioned that “a fundamental aim of Mortgage Warehouse Funding Limited is to create an intervention mechanism at the short-end of the mortgage funding curve in support of other on-going efforts aimed at easing the current housing finance challenges faced by the Nigerian housing sector”.

The introduction of MWFL to support Nigeria’s mortgage sector has been applauded by key stakeholders as a welcome development that will further engage innovative ideas in resolving the housing finance issues of the country.

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