The Central Bank of Nigeria disbursed loans and advances worth N37.6bn to mortgage banks in 2022; the audited financial statement of the apex bank has shown.
The mortgage banks that received the loans from the CBN include the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company.
The borrowings listed under the loans and receivables section of the report showed that NMRC, a public-private refinance mortgage company, borrowed N37bn.
According to ycharts.com, loans and receivables are the funds that a company lent and are expected to be repaid within a year.
The report also showed that N9m was advanced to the FMBN.
At the same time, N16m was disbursed as subordinated loan to mortgage finance banks under the Nigeria Housing Finance Programme making a total of N37.6bn.
Although the bank didn’t specify if the loan had been paid back, further analysis also showed that the same amount was lent to the banks in 2021.
Recall that the apex bank recently released its Consolidated Financial Statements for the last seven years, making it the first time since 2015 that the apex bank would be making its book available for public scrutiny.
The CBN declared a profit after tax of N103.8bn in 2022, up from N75.13bn reported a year earlier.
Also, the CBN owed J.P. Morgan and Goldman Sachs a combined sum of $7.5bn as of December 2022.
It also had another $6.3bn forex obligations to foreign investors.