WELCOME TO IMBLN
It is no longer news that the INSTITUTES OF MORTGAGE BROKERS AND LENDERS OF NIGERIA (IMBLN) seeks to regulate mortgage practice, regulate mortgage practitioners’ associations, financial institutions and all individuals who work in the field of mortgage. The institution has through the National Assembly, successfully passed 1st, 2nd reading, public hearing and emerged with a no objection bill and finally passed 3rd reading on the 10th-March-2021.
The new bill seeks the establishment of the Institute of Mortgage Brokers and Lenders of Nigeria [IMBLN] to ensure optimal regulation of the mortgage industry and provide a better regulatory framework, eliminate fraudsters, remove speculators and entrench sanity and decency in the industry. It will also provide training programs for practitioners in the mortgage sector to promote professionalism.
Most importantly, its provision would enhance better recapitalization for banks and reposition them to be able to provide affordable housing for low and middle income Nigerians. At present, the FMBN has a meager capital of N5billion despite the fact that the central bank of Nigeria and the Nigeria Social Insurance Trust Fund are shareholders.
The heavy involvement of stakeholders in the attempt to repeal and re-enact the FMBN Act as well as the NHF Act, and consequently reform the bank is particularly instructive and suggests thereof a consensus in the industry and the need for an urgent and comprehensive reform to take the industry to the next level.
Credit must be given to the management of the FMBN under the leadership of Arc Ahmed Dangiwa the Managing Director, for involving all critical stakeholders in the push for reform. A lot of hard work and consultations went on behind the scene to secure the buy-in of stakeholders and harmonize positions in securing the buy-in of the Nigeria Labor congress, Trade Union Congress, Mortgage Bankers Association of Nigeria, Council of Registered Builders of Nigeria, Nigeria Institute of Estate Surveyors and Values and the Federal Government staff housing loans board and others is a rare feat that must be commended, IMBLN will collaborate with all relevant stakeholders to advance mortgage practice in Nigeria.
Institute of Mortgage Brokers and Lenders Nigeria
- To enlighten and educate various institutions about Mortgage and to guarantee a wide range of Nigerians to have access to their own house property through Mortgage.
- To create awareness on mortgage studies and ensure that a larger percentage of Nigerians are able to own houses through mortgage.
- To be the leading Institution for Mortgage Professionals.
- Raising a generation of Mortgage professionals.
- To regulate Mortgage practitioner associations, financial institution and all those who are in the field of Mortgage.