Business Nigerian Mortgage Market Gets $1 Billion Boost From US Cantor Fitzgerald

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According to BusinessDay, Cantor Fitzgerald, a global investment firm with strong expertise in asset backed mortgage securities is investing $1 billion (about N200 billion) in the Nigerian mortgage sector.

Reports say the firm has also made arrangements to build 10,000 houses in Kaduna, Lagos, Enugu and Abuja, within the next one year.

On Tuesday Jack Heffernan, managing director of the firm’s Debt Capital Markets division, signed an MOU with Charles Inyangette, CEO of the Nigerian Mortgage Refinance Company (NMRC) in a ceremony presided over by Ngozi Okonjo-Iweala, the Coordinating Minister for the Economy and Minister of Finance.

Speaking to newsmen later on, Okonjo-Iweala said "we have gone out on this programme and advertised 10,000 housing units and 66,000 people applied. Of the 66,000, 25,000 have been prequalified, 9,000 of them have actually received offer letters, 33 of them have found houses”.

“We are working with PENCOM so that workers can borrow from their retirement savings to get houses, because when they get offer letters ,they don’t have money to pay.

“We are also looking at other ways to collaborate with CBN and other agencies. We are looking at cost of construction”.

“Cantor Fitzgerald’s presence in Nigeria shows that our mortgage strategy is attracting the right kind of attention from the right kind of people around the world and this will deepen and diversify and ultimately reduce the cost of mortgage and housing in Nigeria” she said.

#Nigeria #Fitzgerald

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