Sues for Speedy Implementation of Model Mortgage and Foreclosure Law
Nigeria Mortgage Refinance Company (NMRC) has emphasised the need for partnership with other federal housing agencies in a bid to tackle the legacy issues bedevilling the housing sector in Nigeria. The company’s Managing Director and Chief Executive Officer, Mr Kehinde Ogundimu during a multi-agency meeting with the Minister of Housing and Urban Development on Wednesday 25 th October at the Ministry’s headquarters in Abuja.
Mr Ogundimu noted that there are already areas of collaboration between the NMRC and departments within the ministry, as well as agencies like the Family Homes Fund Limited (FHFL), the Federal Mortgage Bank of Nigeria (FMBN), and the Federal Housing Authority (FHA) in the area of data collection, but more needs to be done to achieve the overall mandate of delivering more affordable housing to Nigerians.
“As a company, we’re working on a number of solutions, including the provision of reliable housing data across all indicators to support decision-making and planning; as well as the implementation of the Model Mortgage and Foreclosure Law across the states in order to help them streamline land administration and housing solutions, improve the welfare of their citizens, expand their tax nets, and legalise the entire housing regime. The implementation of this law can trigger significant development in the housing sector and enhance the mortgage market as well”, he said.
He further stated that the company is also working on solutions to dematerialise the entire titling process in partnership with CSCS; address issues around construction technology and cost, as well as achieve improved financing in the sector. He also noted that the NMRC is seeking to explore some blended financing initiatives with the FMBN, FHF, and FHA in a bid to provide more affordable housing finance at lower interest rates to Nigerians.
Reacting, the Minister commended the NMRC for the initiatives, especially in the area of the Model Mortgage and Foreclosure Law and extended an invitation to the company’s Managing Director in view of the forthcoming National Council on Housing. “I think it is important for you to be there so that you can educate the Commissioners of Housing from the states who will be attending the council meeting on the need for them to implement the law and the benefits they can derive from it. I think you should also come with the law as already implemented by six states in the country, so that you can show it to them for them to understand it better”, the Minister noted.
Earlier in his remarks, the Minister stressed that the essence of the invitation was to understand what the agencies have been doing, see how well they collaborate among themselves, and find other areas of possible partnership in order to speed up the implementation of the Renewed Hope Agenda for Housing as envisioned by President Bola Ahmed Tinubu. Arc. Dangiwa urged the NMRC and other agencies to be more resolute in the delivery of their mandate in a bid to house more Nigerians.
Also at the meeting were the Minister of State for Housing and Urban Development, Engr. Abdullahi Tijjani Gwarzo; Managing Director and CEO of FHA, Sen. Gbenga Ashafa; Managing Director and CEO of FHFL, Abdul Mutallab Mukhtar; Managing Director and CEO of the FMBN, represented by the Bank’s Executive Director, Business Development and Portfolio Management, Mr Kingsley Chukwuma; as well as the Managing Director of FHA Mortgage Bank, Mr. Hayatudeen Auwal.
