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The Central Bank of Nigeria (CBN) disbursed loans and advances totaling N37.6 billion to mortgage banks in the year 2022, as indicated by the audited financial statement of the apex bank.
Among the mortgage banks that accessed these loans were the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company.
The detailed breakdown of borrowings, presented in the loans and receivables section of the report, revealed that the Nigerian Mortgage Refinance Company (NMRC), a public-private mortgage refinance firm, received a loan of N37 billion.
According to ycharts.com, loans and receivables represent funds lent by a company that are expected to be repaid within a year.
Additionally, the report outlined that N9 million was extended to the Federal Mortgage Bank of Nigeria, while N16 million was disbursed as a subordinated loan to mortgage finance banks under the Nigeria Housing Finance Programme, culminating in a total of N37.6 billion.
Although the report did not specify the repayment status of the loan, a further examination revealed that the same amount was lent to the banks in the preceding year, 2021.
It’s worth noting that this disclosure comes subsequent to the Central Bank’s recent release of its Consolidated Financial Statements spanning the past seven years, marking the first time since 2015 that the apex bank’s financial records have been publicly accessible for review.
The CBN reported a profit after tax of N103.8 billion in 2022, up from the N75.13 billion recorded in the previous year.
In addition to its financial performance, the CBN carried obligations of $7.5 billion to J.P. Morgan and Goldman Sachs combined by December 2022. Moreover, the bank held forex obligations amounting to $6.3 billion to foreign investors.
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