Nigeria Sovereign Wealth to Invest in Nigerian Fannie Mae

Nigeria Sovereign Investment Authority

Uche Orji, CEO of the NSIA

The Nigeria Infrastructure Fund, one of the sovereign funds under the Nigeria Sovereign Investment Authority (NSIA), has received board approval to invest 1.6 billion NGN (US$ 9.92 million) in the Nigeria Mortgage Refinance Company Plc (NMRC). Uche Orji, the managing director and CEO of the NSIA, will join the board of the NMRC.

Nigeria Mortgage Refinance Company

Incorporated in June 2013, NMRC was created by the Nigerian Federal Ministry of Finance in cooperation with the Central Bank of Nigeria, Federal Ministry of Lands and Urban Development and Housing and the World Bank. The NMRC’s goal is to lower the funding cost of residential mortgages, augment the primary mortgage market and to allow more Nigerians home ownership opportunities.

In the press release, Uche Orji states, “Our investment in NMRC is one of the pillars of our investment strategy in the housing and real estate sector, which also includes investment in affordable and mass housing and other commercial real estate. This investment will provide a significant catalyst to expand access to financing for homeownership to Nigerians. We believe this is one of the fastest growing and profitable segments of the economy and will deliver tangible value to the Nigerian people.”

Lagos-based Dunn Loren Merrifield was the transaction advisor and issuing house in the deal.

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