In a congratulatory message to the President on his one year in office, IMBL’s Managing Director Elisha Jasper said lack of housing is the major plight that most Nigerians are facing.
He said: “There is a lack of mortgage professionals in Nigeria due to the lack of mortgage studies; thereby creating a lack of knowledge and skills on mortgage brokerage, financing and lending.
“But the Institute of Mortgage Brokers and Lenders (IMBL) cannot do it alone. Individuals (workers and or students), governments, Federal Mortgage Bank of Nigeria (FMBN) and Primary Mortgage Institutions (PMIs) must all play their parts or roles in this fight. The governing council of IMBL urged that the (looted) funds recovered should be reinvested in low-cost housing and mortgage.
“ While the Institute of Mortgage Brokers and Lenders, with help from the government, continues to raise and produce mortgage professionals, the FMBN should build mass houses that can be allocated or acquired by Nigerians on mortgage, Jasper, said, adding that the Institute of Mortgage Brokers and Lenders believes that every Nigerian should own a house, no matter the situation of the economy.
The IMBL noted that the problem with housing in Nigeria has become very unbearable and unimaginable, for not just the poor or low-income earners, but also for the so-called rich and elite.
It added that problems ranging from lack of funds, insurgency, economic crisis, unavailability of structured houses and, most importantly, lack of skills and knowledge on mortgage, have led to the ineffectiveness of the housing sector and also the inefficient processing of the National Housing Fund application.
It said the lack of awareness, skills and or knowledge on mortgage studies have brought about low capacity of mortgage professionals. Lots of Nigerians serve their country and don’t even have houses owned by them to show for it.
The message reads in part: “People waste money on paying rent for the rest of their lives without knowing that the money paid for rent can be factored into mortgage financing and owning these houses after the payment period.
“People who give their lives for Nigeria don’t even own houses of their own. What then can they leave behind for their children, loved ones, family? The housing problem in Nigeria is unfathomable when you look at the massive land and infrastructural organisations at our disposal, which begs a whole lot of questions – what is the money allocated for housing development being used for? Where is the money? What are the government and or the Federal Mortgage Bank of Nigeria (FMBN) doing to solve these problems?
According to the Institute, there is an acute shortage of housing infrastructure in urban centres due to rapid urbanisation, which found expression in the number of homeless people roaming the streets and sleeping under the bridge as well as those living in slums and squatter settlements.
This phenomenon, said IMBL, has become a great challenge to the teeming urban population and government.
It said that “there is an urgent need for government and corporate bodies to – through concerted efforts – find solution to the menace.
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