Mortgage Bill Passes Third Reading

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Mortgage Bill Passes Third Reading

A Bill for an Act to establish the Institute of Montage Brokers and Lender of Nigeria has passed through the first reading, second reading, public hearing and third reading on the floor of the House of Representatives. Statistically, many Nigerians are struggling hard to own properties and decent houses in the current mortgage system in the country, and quacks have taken over the system. As a result, there are many avoidable litigations in various courts across the country.

The Bill which was sponsored by Hon. Dachung Musa Bagos, has now been moved from the House of Representatives to the senate for concurrence and final passage.
The Bill passed third reading on Wednesday, March 10, 2021.

Operations of professionals in any sector has a body that regulates the activities of its members. Regulations are responsible for the professionalism displayed by practitioners in law, media, construction etc. The Mortgage sector has the capacity to attract investments and to aid the ongoing efforts of government to diversify the economy.

It was gathered that a department, dedicated to overseeing the mortgage sector in Nigeria already exists in the Central Bank of Nigeria (CBN). A law maker said the Mortgage Banks Association of Nigeria also exists and one of its duties is controlling the activities of its members. When this mortgage bill is eventually implemented, and begins full operation, it would amount to proliferation of organizations in the mortgage sector, while increasing integrity and transparency within the industry.

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