The Central Bank of Nigeria disbursed loans and advances of N37.6 billion to mortgage banks in 2022, according to the top bank’s audited financial statement.
The Punch reported that the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company are two mortgage banks that have received loans from the CBN.
According to the borrowings stated in the report’s loans and receivables section, NMRC, a public-private refinance mortgage corporation, borrowed N37 billion.
The report also indicated that N9m had been advanced to the FMBN.
In addition, N16 million in subordinated loans totaling N37.6 billion were made available to mortgage financing institutions under the Nigeria Housing Financing Program at the same time.
Further investigation revealed that the same amount was lent to the banks in 2021 even though the bank did not mention if the loan had been repaid.
The apex bank recently made its Consolidated Financial Statements for the previous seven years available for public inspection, marking the first time since 2015 that the apex bank will do so.
The CBN reported an after-tax profit of N103.8 billion in 2022, up from N75.13 billion the previous year.
Additionally, the CBN owes Goldman Sachs and J.P. Morgan a combined sum of $7.5bn as of December 2022 and also had another $6.3bn forex obligations to foreign investors.
