Nasarawa State Governor Grants Assent to Foreclosure Bill

The historic development marks an important milestone in the implementation of the housing development partnership agreement between NMRC and the Nasarawa State Government to create an investment-friendly climate for affordable housing delivery. In his remarks at the signing ceremony, His Excellency, Engr. Abdullahi Sule noted that the mortgage foreclosure law is a vital legislation that would help promote liquidity for housing development and enhance timely resolution of land disputes in the State.

“The bill means a lot to us because it forms a key part of the foundation for the takeoff of a friendly business environment that we have in mind. Without this it will be exceedingly difficult for us to create an enabling environment for serious investors that are willing to invest in our State”, he said.

While thanking NMRC for its active role and support in ensuring the realization of the milestone, the Governor also noted that the State is looking forward to working with NMRC as a major partner in its efforts to better the State’s business environment.

In his response, the MD/CEO, NMRC, Mr. Kehinde Ogundimu commended the Governor and the State House of Assembly for the speedy passage of the foreclosure bill. Mr Ogundimu further stated that the signing of the foreclosure bill into law is a notable milestone in the history of the State. “What we are witnessing here today is the laying of a solid foundation for private sector investment in the housing sector. In addition to the advantage of proximity to the Federal Capital Territory (FCT), Nasarawa State now has a robust legal framework for enhancing and protecting investments which also makes the State mortgage-friendly and will encourage inflow of private sector investors. NMRC will continue to work with Nasarawa State to operationalize the foreclosure law”, Mr. Ogundimu added.

Also speaking at the event, the Special Adviser to the Nasarawa State Governor on Investment and Economic Planning, Barr. Ibrahim Abdullahi said that the foreclosure law was important to the realization of the Nasarawa Economic Development Strategy (NEDS) because no industrialization or investment can happen in a sustainable way without creating the enabling legal and regulatory framework.