NMRC and Ekiti State Sign Housing Development Pact

A key part of the deal is the implementation of the NMRC Model Mortgage Foreclosure Law (MMFL) which the Ekiti State House of Assembly recently passed. The MMFL is structured to make mortgage transactions faster, safer and easier. It helps to institutionalize a clear legal framework for the administration and judicial enforcement for mortgages and property-related disputes.

In his remarks at the event, the Ekiti State Governor, His Excellency Dr. Kayode Fayemi announced that he has given assent to the Model Mortgage Foreclosure Law as recently passed by the State House of Assembly. The Governor noted that his decision to do so was in recognition of the critical need to eliminate systemic barriers that impede housing investment and as a demonstration of his commitment to creating a conducive investment environment in the State. Dr Fayemi further stated that he is committed to promoting affordable homeownership for Ekiti indigenes to complement ongoing infrastructural development.

The Governor said NMRC would play an important role on the demand side of the State’s 50,000 housing project in partnership with the United Nations Office for Project Services (UNOPs). He added further that he would be counting on NMRC’s support in the last two years of his administration to achieve reform and inclusive growth of the State’s housing market.

In his response, the MD/CEO of NMRC, Mr. Kehinde Ogundimu stated that with the assent of the Governor to the Model Mortgage and Foreclosure Law, Ekiti State has joined the league of States that are investor-friendly and mortgage ready. Mr. Ogundimu added further that the passing of the foreclosure law has sent a strong signal to investors of the State’s readiness to welcome investments and that NMRC is happy to provide necessary support to grow the residential housing sub-sector in the State. He promised NMRC’s assistance in the operationalization of the Law and in the promotion of a business-friendly environment in Ekiti State by leveraging its experience in other States to guide Ekiti in setting up the State’s Mortgage Board, revamping the Mortgage Registry as well as well as providing technical support for electronic title registration through NMRC’s proprietary Electronic Mortgage Asset Registry (EMARS).