The audited financial statement of the Central Bank of Nigeria (CBN) has revealed that in 2022, the bank disbursed loans and advances amounting to N37.6 billion to various mortgage banks.
Notable recipients of these loans include the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company.
The loans, categorized as loans and receivables, outlined that the Nigerian Mortgage Refinance Company secured N37 billion, while the Federal Mortgage Bank of Nigeria received N9 million.
Furthermore, an additional N16 million was provided as a subordinated loan to mortgage finance banks under the Nigeria Housing Finance Programme.
It is noteworthy, however, that the report does not offer clarification on whether these loans have been repaid. Interestingly, the same loan amount was extended to the banks in the preceding year, 2021.